Michael, a sales tax registered trader, sells goods on credit to Darren for $880 plus sales ta: Darren is not registered for sales tax. Sales tax is charged at 20%. What are the entries in Michael's accounts for this sale? Sales account Sales tax account Receivables account CR 880 DR 880 DR 880 CR 880 nil CR 1,056 DR 880 DR 176 nil CR 880 CR 176 DR 1,056

Michael, a sales tax registered trader, sells goods on credit to Darren for $880 plus sales ta: Darren is not registered for sales tax. Sales tax is charged at 20%. What are the entries in Michael's accounts for this sale? Sales account Sales tax account Receivables account CR 880 DR 880 DR 880 CR 880 nil CR 1,056 DR 880 DR 176 nil CR 880 CR 176 DR 1,056

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 6EA: Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells...

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