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A retailer sold merchandise for $1,000 cash on February 28 (Cost of Merchandise was $650). The retailer also collected the 13% sales tax. The collected taxes were sent to the government on March 14. Prepare the necessary journal entries.

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A retailer sold merchandise for $1,000 cash on February 28 (Cost of Merchandise was $650). The retailer also collected the 13% sales tax. The collected taxes were sent to the government on March 14. Prepare the necessary journal entries. [3 Marks]

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To record the sale and collection of sales tax the retailer would ma View the full answer


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Income Tax Fundamentals 2013

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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