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Merchandise is sold for cash. The selling price of the merchandise is $6, 000 and the sale is subject to a 7% state sales tax.

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Merchandise is sold for cash. The selling price of the merchandise is $6, 000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include a credit to Cash for $6, 000 Sales for $6, 240 Sales Tax Payable for $420 Sales for $5, 580

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