Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 8% state sales tax. The journal entry to record the sale would include a credit to Oa. Sales Tax Payable for $296 Ob. Sales for $3,996 Oc. Sales for $3,404 Od. Cash for $3,700
Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 8% state sales tax. The journal entry to record the sale would include a credit to Oa. Sales Tax Payable for $296 Ob. Sales for $3,996 Oc. Sales for $3,404 Od. Cash for $3,700
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 1CP
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Question
![Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 8% state sales tax. The journal entry to record the sale would
include a credit to
Oa. Sales Tax Payable for $296
Ob. Sales for $3,996
Oc. Sales for $3,404
Od. Cash for $3,700](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F21539703-71d8-448b-9eb1-ead81c4f36df%2F71189d77-1a71-4bbe-aea9-0505efbdd957%2Fhodyn7m.png&w=3840&q=75)
Transcribed Image Text:Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 8% state sales tax. The journal entry to record the sale would
include a credit to
Oa. Sales Tax Payable for $296
Ob. Sales for $3,996
Oc. Sales for $3,404
Od. Cash for $3,700
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