Question Content Area Merchandise is sold for cash. The selling price of the merchandise is $4,200, and the sale is subject to a 7% state sales tax. The entry to journalize the sale would include a credit to a. Sales for $4,494 b. Sales Tax Payable for $294 c. Cash for $4,200 d. Cash for $4,494

Question Content Area Merchandise is sold for cash. The selling price of the merchandise is $4,200, and the sale is subject to a 7% state sales tax. The entry to journalize the sale would include a credit to a. Sales for $4,494 b. Sales Tax Payable for $294 c. Cash for $4,200 d. Cash for $4,494

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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Question

Question Content Area

Merchandise is sold for cash. The selling price of the merchandise is $4,200, and the sale is subject to a 7% state sales tax. The entry to journalize the sale would include a credit to

a. Sales for $4,494

b. Sales Tax Payable for $294

c. Cash for $4,200

d. Cash for $4,494

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