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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?
Updated: 9/19/2023
Wiki User
∙ 10y agoBest Answer
Journal entry is as follows:
[Debit] Cash 525
[Credit] Sales 500
[Credit] Sales tax payable 25
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∙ 10y agoThis answer is:
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Earn +20 ptsQ: When merchandise is sold for 500 dollars plus 5 percent sales tax the Sales account should be credited for 525 dollars?
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