Hallmark Cards, Inc. records sales and sales tax separately. On May 1, Jay’s Hallmark Shop in New York had sales on account of $2,540 and cash sales of $2,420. The state sales tax is 7%. The journal entry to record the sales. Account Name Debit Credit

Hallmark Cards, Inc. records sales and sales tax separately. On May 1, Jay’s Hallmark Shop in New York had sales on account of $2,540 and cash sales of $2,420. The state sales tax is 7%. The journal entry to record the sales. Account Name Debit Credit

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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Account Name	Debit	Credit

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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