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Question

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.

Step-by-step answer

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Subject: Accounting, Business

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