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Journalize the entries to record the selected transactions

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Reference no: EM132572687

Question 1: Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles.

A. Sold $64,400 of merchandise on account, subject to a sales tax of 4%. The cost of the goods sold was $38,240.

B. Paid $38,220 to the state sales tax department for taxes collected.

Reference no: EM132572687

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