ASAP PLEASE

Sales Tax A sale of merchandise on account for $16,700 is subject to a 8% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the amount credited to sales? $ (c) What is the amount debited to Accounts Receivable? $ (d) What is the account to which the $1,336.00 is credited? Income Statement and Accounts for Retail Business For the fiscal year, sales were $5,479,000 and the cost of goods sold was $3,178,000. a. What was the amount of gross profit? b. If total operating expenses were $826,000, could you determine net income? c. Customer Refunds Payable is a(n) account. What is its normal balance? d. Estimated Returns Inventory is a(n) account. What is its normal balance? Adjusting Entry for Inventory Shrinkage Omega Tire Co.'s perpetual inventory records indicate that $3,145,000 of merchandise should be on hand on August 31, 2014. The physical inventory indicates that $3,113,500 of merchandise is actually on hand Journalize the adjusting entry for the inventory shrinkage for Omega Tire Co. for the fiscal year ended August 31, 2014. 1 an amount box does not require an entry, leave it blank