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If you spent 68000 dollarss on various merchandise and services and there was a 6 percent sales tax included in that amount how much money did you pay in sales tax?
Wiki User
∙ 9y ago
The total sales tax was $4,080.00
Wiki User
∙ 9y ago
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When merchandise is sold for 500 dollars plus 5 percent sales tax the Sales account should be credited for 525 dollars?
Journal entry is as follows: [Debit] Cash 525 [Credit] Sales 500 [Credit] Sales tax payable 25
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