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NET SALES: Gross sales minus returns, discounts, and allowances. GROSS SALES: Total invoice value of sales, before deducting for customer discounts, allowances, or return.No. The sales tax is posted as a credit to the Sales Tax Payable Account. So, if you had a $100 sale plus $5 sales tax, you would debit cash $105, credit Sales $100 and credit Sales Tax Payable $5...

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How do you calculate gross profit margin using cogs and sales?

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