Solution-Should the sales tax be recorded at the time of

Should the sales tax be recorded at the time of sale

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Reference no: EM132877009

Problem - Sales tax - A sale of merchandise on account for $28,000 is subject to a 7% sales tax.

Should the sales tax be recorded at the time of sale or when payment is received?

What is the amount of the sale?

What is the amount debited to Accounts Receivable?

Should the sales tax be recorded at the time of sale or when payment is received? What is the title of the account to which the $1,960 ($28,000 × 7%) is credited?

Reference no: EM132877009

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Should the sales tax be recorded at the time of sale

Reference no: EM132877009

Reference no: EM132877009

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