Garners Antique Hot Rods recently sold a 1957 Chevy for $75,000 on account. The state sales tax

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Garner’s Antique Hot Rods recently sold a 1957 Chevy for $75,000 on account. The state sales tax is 6 percent, and there is a $500-per-car federal excise tax.

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Prepare the journal entry to record the sale.
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Cornerstones of Financial and Managerial Accounting

ISBN: 978-1111879044

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

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