Question
Merchandise is sold for cash. The selling price of the merchandise is $2,500, and the sale is subject to a 5% state sales tax. The
Merchandise is sold for cash. The selling price of the merchandise is $2,500, and the sale is subject to a 5% state sales tax. The journal entry for the sale would include a credit to
a.Sales for $2,375
b.Cash for $2,500
c.Sales Tax Payable for $125
d.Sales for $2,625
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Managerial Accounting
Authors: Karen Braun, Wendy Tietz, Louis Beaubien
4th Canadian Edition
013544344X, 9780135443446
