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On March 25, Osgood Company sold merchandise on account, $4,800 terms n/30. The applicable sales tax percentage is 7%. Journalize the transaction.
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On March 25, Osgood Company sold merchandise on account, $4,800 terms n/30. The applicable sales tax percentage is 7%. Journalize the transaction.

User Ristapk
by
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1 Answer

2 votes

Answer:

Dr Acount Receivable- Osgood co $4464

Cr Merchandise Inventory $4464

Step-by-step explanation:

Preparation of the journal entry

Based on the information given the appropriate journal entry for the transaction will be:

Dr Acount Receivable- Osgood co $4464

Cr Merchandise Inventory $4464

[$4800-(7%*$4800)]

User Corlis
by
5.3k points
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