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13. Merchandise is sold on account for P90, and the sale is subject to sales tax of P5.40. The sales account should be credited for retail a. P84.60. b. P90.00. С. P95.40. d. P93.60.

13. Merchandise is sold on account for P90, and the sale is subject to sales tax of P5.40. The sales account should be credited for retail a. P84.60. b. P90.00. С. P95.40. d. P93.60.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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12. Copies of a sales invoice are used to do all of the following EXCEPT a. ship the merchandise. b. bill the customer. ring С. record the sale. d. record the receipt of merchandise. 13. Merchandise is sold on account for P90, and the sale is subject to a retail sales tax of P5.40. The sales account should be credited for a. P84.60. b. P90.00. P95.40. C. d. P93.60.
Transcribed Image Text:12. Copies of a sales invoice are used to do all of the following EXCEPT a. ship the merchandise. b. bill the customer. ring С. record the sale. d. record the receipt of merchandise. 13. Merchandise is sold on account for P90, and the sale is subject to a retail sales tax of P5.40. The sales account should be credited for a. P84.60. b. P90.00. P95.40. C. d. P93.60.
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