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What is the amount of the increase to accounts receivable

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Reference no: EM132710676

Problem - Sales tax - A sale of merchandise on account for $5,000 is subject to an 8% sales tax.

Required -

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

(b) What is the amount of the sale?

(c) What is the amount of the increase to Accounts Receivable?

(d) What is the title of the account in which the $400 ($5,000, 8%) is recorded?

Reference no: EM132710676

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