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Joe's Antiques, which uses a perpetual inventory system, sells for $250 a decorative vase which is carried in inventory at $100 In addition to the
Joe's Antiques, which uses a perpetual inventory system, sells for $250 a decorative vase which is carried in inventory at $100 In addition to the $250 sales price the customer is charged 8% sales tax. The customer pays with cash. The journal entry needed to record this transaction would include all but which one of the following [assume a single compound entry is made]? [hint make the JE] a debit to Sales Tax Expense for $20 a debit to COGS for $100 a credit to Sales for $250 a debit to cash for $270
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