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16-05-2020
Business

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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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22-05-2020

Answer:

Kindly see attached picture

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

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