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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Describe the transaction recorded.

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To determine

Explain the transaction recorded in T account.

Explanation

T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this account is known as debit, and the right hand side is known as credit.

Transaction recorded in T account.

Merchandise sold for cash by $560, plus sales tax of $44.80. Customer made the payment through bank credit card. The bank allowed discount to seller is $11.20. Therefore, the company deposits $593.60 in cash from this sale.

Cash from sale = [Price of&#

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