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On July 1, we sold $735 worth of goods to Lennon Goods plus $53.50 worth of sales tax with payment terms of net 30. What would be the correct journal entry?


ANSWER


Expert Michael Lim's Answer:

The correct journal entry would be:

 

Dr.  Cash                           $788.50

Cr.  Revenue                                     $735.00

Cr.  Sales Tax Payable                         53.50

 

 

Michael Lim, CPA

California

16 yrs experience

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