Suppose Mink Makeup sells $5,600 of makeup (merchandise with a cost of $4,800) for cash on September
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Suppose Mink Makeup sells $5,600 of makeup (merchandise with a cost of $4,800) for cash on September 30. The sales tax law requires Mink to collect 13% harmonized sales tax on every dollar of merchandise sold. Record Mink’s entries for the $5,600 sale and applicable sales tax (assume a perpetual inventory system).
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Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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