Answered: Cobb Baseball Bats sold 45 bats for $50…

Cobb Baseball Bats sold 45 bats for $50 each, plus an additional state sales tax of 6%. The customer paid cash.Required:Prepare the journal entry to record the sale.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 25CE: Sales Tax Cobb Baseball Bats sold 45 bats for $50 each, plus an additional state sales tax of 6%....

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Question

Cobb Baseball Bats sold 45 bats for $50 each, plus an additional state sales tax of 6%. The customer paid cash.
Required:
Prepare the journal entry to record the sale.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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