Garner's Antique Hot Rods recently sold a 1957 Chevy for $75,000 on account. The state sales tax is 6%, and there is a $500-per-car federal excise tax. Required:   Hide     Prepare the journal entry to record the sale. If an amount box does not require an entry, leave it blank.                                               (Record sale)

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 25CE: Sales Tax Cobb Baseball Bats sold 45 bats for $50 each, plus an additional state sales tax of 6%....
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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%, and there is a $500-per-car federal excise tax.

Required:


  Hide    

Prepare the journal entry to record the sale. If an amount box does not require an entry, leave it blank.



 
 
       
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Record sale)
   
       

 

 
 

 

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