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Nebraska Furniture Mart (NFM) sells appliances for $8,000 cash on April 30 (cost of the merchandise is $5,500). NFM collects 7.5% sales tax. Required:
Nebraska Furniture Mart (NFM) sells appliances for $8,000 cash on April 30 (cost of the merchandise is $5,500). NFM collects 7.5% sales tax. Required: Prepare the journal entries to record: 1. Sale that occured on April 30. 2. Remittance of sales tax to apppriate governing body on May 15.
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Transaction Journal Entries 1a 1b 2 Account Titles and Explanation Debit Credit ...
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
