**Transaction Recording Exercise: Osgood Company****Scenario:**On March 25, Osgood Company sold merchandise on account with the following details:- Amount: $5,300- Payment Terms: n/30 (net 30 days)- Applicable Sales Tax Percentage: 5%**Task:**Record the transaction. If an amount box does not require an entry, leave it blank.**Entries:**- **Date**: March 25- **Fields**: Three transaction rows with dropdowns to select accounts and boxes to enter amounts. (No amounts are pre-filled).Use the given information to correctly record the sales transaction, taking into account the sales tax applicable.

Solution: Sales tax payable = sales*5% = 5300*5% = $265

Answered: n March 25, Osgood Company sold…

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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n March 25, Osgood Company sold merchandise on account, $5,300 terms n/30. TH ax percentage is 5%.