c. Sold goods for $5,670, on account, which includes 6.5% sales tax. The company employes a gross profit pricing model to yield 75%. Record the JE for the seller and the buyer. Assume the seller sold inventory and the buyer purchased goods which will be used as equipment d. A company sold goods for $756 which includes 7.3% sales tax. The goods are carried in inventory at a cost basis of $550. This was a cash sale. Record the JE for the seller.
c. Sold goods for $5,670, on account, which includes 6.5% sales tax. The company employes a gross profit pricing model to yield 75%. Record the JE for the seller and the buyer. Assume the seller sold inventory and the buyer purchased goods which will be used as equipment d. A company sold goods for $756 which includes 7.3% sales tax. The goods are carried in inventory at a cost basis of $550. This was a cash sale. Record the JE for the seller.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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c. Sold goods for $5,670, on account, which includes 6.5% sales tax. The company employes a gross profit pricing model to yield 75%. Record the JE for the seller and the buyer. Assume the seller sold inventory and the buyer purchased goods which will be used as equipment d. A company sold goods for $756 which includes 7.3% sales tax. The goods are carried in inventory at a cost basis of $550. This was a cash sale. Record the JE for the seller.
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