During the month of September, the following transactions occurred. The applicable sales tax rate is 6%. Enter the transactions in the general journal. Sept. 2 Sold merchandise on account to Sam Larson, , plus sales tax.
7 Sold merchandise on account to David Mitchell, , plus sales tax.
12 Issued credit memorandum to Sam Larson for , including sales tax of .
22 Sold merchandise on account to Matt Feustal, , plus sal es tax.
28 Sold merchandise on account to Ana Cardona, , plus sales tax.
Correct Answer:
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Q37: The sales account is a revenue account.
Q38: While sales returns and allowances can be
Q39: To a seller, cash discounts are considered
Q40: A summary accounts receivable account is called
Q41: Match the terms with the definitions.
-Merchandise returned
Q43: To enter a cash sale, the journal
Q44: Match the terms with the definitions.
-A transfer
Q45: Match the terms with the definitions.
-A document
Q46: Match the terms with the definitions.
-A summary
Q47: A common approach to keeping a record
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