Solution-What the sale should be recorded in the

What the sale should be recorded in the

Assignment Help Accounting Basics

Reference no: EM132737496

Problem 1. When merchandise is sold on account and sales tax is also collected,

(A) Accounts Receivable is credited for the total sale and sales tax.

(B) the Accounts Receivable balance is increased.

(D) the sales tax is not reported.

Problem 2. Marris Company records a $1,000.00 sale on account on May 23. On June 6, the customer pays the account. The sale should be recorded in the

(A) sales journal on May 23.

(B) cash receipts journal on May 23.

(D) cash receipts journal on June 6.

Reference no: EM132737496

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What the sale should be recorded in the

Reference no: EM132737496

Reference no: EM132737496

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