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Journalize the entries to record the following selected transactions: (a) Sold $ 2,000 of merchandise on account, subject to 6.25% sales tax. The cost of
Journalize the entries to record the following selected transactions:
(a) | Sold $ 2,000 of merchandise on account, subject to 6.25% sales tax. The cost of the merchandise sold was $ 1,500. | ||||
(b) | Paid $ 120 to the state sales tax department for taxes collected.
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