Cardinal Company sells merchandise for $24,000 cash on March 31 (cost of merchandise is $12,300).The sales tax law requires Cardinal to collect 8.5% sales tax on every dollar of merchandise sold.Record the entry for the sale and its applicable sales tax.(Assume the company uses the periodic inventory method to keep track of inventory)

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The Answer of Cardinal Company sells merchandise for $24,000 cash on March 31 (cost of merchandise is $12,300).The sales tax law requires Cardinal to collect 8.5% sales tax on every dollar of merchandise sold.Record the entry for the sale and its applicable sales tax.(Assume the company uses the periodic inventory method to keep track of inventory)

Cardinal Company Sells Merchandise for $24,000 Cash on March 31