Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is subject to a 7% state sales tax. The entry to journalize the sale would include a credit to O a Sales for $5,580 O b. Sales Tax Payable for $420 O c. Cash for $6,000 O d. Sales for $6,420

Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is subject to a 7% state sales tax. The entry to journalize the sale would include a credit to O a Sales for $5,580 O b. Sales Tax Payable for $420 O c. Cash for $6,000 O d. Sales for $6,420

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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