Cantrell co. is required by law to collect and remit sale taxes to the state. if Cantrell has 3,500 of cash sales that are subject to an 10% sales tax, what is the journal entry to record the cash sales ?

Cantrell co. is required by law to collect and remit sale taxes to the state. if Cantrell has 3,500 of cash sales that are subject to an 10% sales tax, what is the journal entry to record the cash sales ?

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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Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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