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9.0 Ex 7: A retailer sells merchandise for $500 cash on June 30 |(cost of merchandise is $300). The sales tax law requires the retailer to collect 7% sales tax. Record the entry for the $500 sale and its applicable sales tax. Also record the entry that shows the remittance of the 7% tax on this sale to the state government on July 15.

9.0 Ex 7: A retailer sells merchandise for $500 cash on June 30 |(cost of merchandise is $300). The sales tax law requires the retailer to collect 7% sales tax. Record the entry for the $500 sale and its applicable sales tax. Also record the entry that shows the remittance of the 7% tax on this sale to the state government on July 15.

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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Help me do this example 7
19:55 A Ims.uef.edu.vn 9.0 Chapter 01 - Exercise Ex 6ct. When this note is paid on February 14, the borrower records 45 days of interest expense in 2019 and removes the balances of the two liability accounts. Ex 7: A retailer sells merchandise for $500 cash on June 30 |(cost of merchandise is $300). The sales tax law requires the retailer to collect 7% sales tax. Record the entry for the $500 sale and its applicable sales tax. Also record the entry that shows the remittance of the 7% tax on this sale to the state government on July 15. 9.0
Transcribed Image Text:19:55 A Ims.uef.edu.vn 9.0 Chapter 01 - Exercise Ex 6ct. When this note is paid on February 14, the borrower records 45 days of interest expense in 2019 and removes the balances of the two liability accounts. Ex 7: A retailer sells merchandise for $500 cash on June 30 |(cost of merchandise is $300). The sales tax law requires the retailer to collect 7% sales tax. Record the entry for the $500 sale and its applicable sales tax. Also record the entry that shows the remittance of the 7% tax on this sale to the state government on July 15. 9.0
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