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Oxy Inc. sells products with warranties included in the selling price. By law, Oxy is required to charge 8% sales tax. During October, Oxy sold
Oxy Inc. sells products with warranties included in the selling price. By law, Oxy is required to charge 8% sales tax. During October, Oxy sold $10,000 worth of products costing $8,000 for cash. Oxy estimates warranty costs to be 1% of selling price. During October, Oxy made $90 of repairs under warranty (paid in cash). On October 31, Oxy remitted all sales tax collected during the month to the state government. Journalize all of Oxy's transactions for the month of October
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