Blackcomet Company sells merchandise on account to Greentree Company in the amount of $3,800. The sales tax rate on the transaction is 4.75%. Required: Compute the amount of sales tax and the total receivable from this credit sale. Sales tax: Accounts receivable: $0 $0

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Blackcomet Company sells merchandise on account to Greentree Company in the amount of $3,800. The sales tax rate on the transaction is 4.75%.
Required:
Compute the amount of sales tax and the total receivable from this credit sale.
Sales tax:
Accounts receivable:
$0
Transcribed Image Text:Blackcomet Company sells merchandise on account to Greentree Company in the amount of $3,800. The sales tax rate on the transaction is 4.75%. Required: Compute the amount of sales tax and the total receivable from this credit sale. Sales tax: Accounts receivable: $0
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