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On March 25, 2014, Patton Company sold merchandise on account,$10,000. The applicable sales tax percentage is 8.5%. Record the transaction.
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On March 25, 2014, Patton Company sold merchandise on account,$10,000. The applicable sales tax percentage is 8.5%. Record the transaction.

User DaggeJ
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1 Answer

6 votes

Answer:

Kindly see attached picture

Step-by-step explanation:

Sales tax percentage= 8.5%

Sales = 10,000

Sales tax payable = 0.085 × 10000 = 850

Accounts payable = 10000 + 850 = 10850

Kindly see attached picture for journal entry

On March 25, 2014, Patton Company sold merchandise on account,$10,000. The applicable-example-1
User Franklin Yu
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