Sales tax transactions Obj. 2 Journalize the entries to record the following selected transactions: a. Sold $640,000
Question:
Sales tax transactions Obj. 2 Journalize the entries to record the following selected transactions:
a. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $385,000.
b. Paid $61,750 to the state sales tax department for taxes collected.
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Related Book For 
Corporate Financial Accounting
ISBN: 9781337398176
15th Edition
Authors: Carl Warren, Jefferson Jones
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