Question
Sales Tax A sale of merchandise on account for $36,000 is subject to an 8% sales tax. a. Should the sales tax be recorded at
Sales Tax
A sale of merchandise on account for $36,000 is subject to an 8% sales tax.
a. Should the sales tax be recorded at the time of sale or when payment is received?
b. What is the amount of the sale? $
c. What is the amount debited to Accounts Receivable? $
d. What is the title of the account to which the $2,880 ($36,000 8%) is credited?
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Principles Of Accounting Schaums Easy Outlines Crash Course
Authors: Joel Lerner, James Cashin
1st Edition
0071369724, 9780071369725
