Question
A business commenced with capital in cash of $1,000. Inventory costing $800 plus sales tax is purchased on credit, and half is sold for $1,000
A business commenced with capital in cash of $1,000. Inventory costing $800 plus sales tax is purchased on credit, and half is sold for $1,000 plus sales tax, the customer paying in cash at once. The sales tax rate is 20%. What would the accounting equation after these transactions show?
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The Craft Of Auditing For Accounting Undergraduates
Authors: Eldar Maksymov
1st Edition
1516589890, 9781516589890
