Merchandise is sold for cash. The selling price of the merchandise is $3,000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include a credit to a.Sales for $3,210 b.Cash for $3,000 c.Cash for $3,210 d.Sales Tax Payable for $210
Merchandise is sold for cash. The selling price of the merchandise is $3,000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include a credit to a.Sales for $3,210 b.Cash for $3,000 c.Cash for $3,210 d.Sales Tax Payable for $210
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...
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Merchandise is sold for cash. The selling price of the merchandise is $3,000 and the sale is subject to a 7% state sales tax. The
a.Sales for $3,210
b.Cash for $3,000
c.Cash for $3,210
d.Sales Tax Payable for $210
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