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28 Consider the following transactions of Atlantic Software: begin{tabular}{ll} hline Mar. 31 & Recorded cash sales of $150,000, plus sales tax of 9% collected for
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Consider the following transactions of Atlantic Software: \begin{tabular}{ll} \hline Mar. 31 & Recorded cash sales of $150,000, plus sales tax of 9% collected for the state of New Jersey. \\ Apr. 6 & Sent March sales tax to the state. \\ \hline \end{tabular} Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 31: Recorded cash sales of $150,000, plus sales tax of 9% collected for the state of New Jersey. (Prepare a single compound entry for this transaction.) \begin{tabular}{c|cc|c|c|c|c|c|c|c|c|} Date & Accounts and Explanation & Debit. & Credit \\ \hline Mar. 31 & & & \end{tabular} Apr. 6: Sent March sales tax to the stateStep by Step Solution
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