Journalize the entries to record the following selected transactions: a. Sold $640,000 of merchandise on account, subject

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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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Financial And Managerial Accounting

ISBN: 9781337119207

14th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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