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Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $7,600 of merchandise on account, subject to a sales tax of
Sales Tax Transactions
Journalize the entries to record the following selected transactions.
a. Sold $7,600 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $4,480.
If an amount box does not require an entry, leave it blank.
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b. Paid $45,520 to the state sales tax department for taxes collected.
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