Recording sales state sales tax and cost of goods sold, Accounting Basics

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Recording sales state sales tax and cost of goods sold

Question: Recording Sales, State Sales Tax, and Cost of Goods Sold Assume Ahlers Clock sold a grandfather clock for $5,000 cash plus 4 percent sales tax. Prepare the journal entry and show the accounting equation effects related to this transaction. As part of this transaction, include the cost of goods sold using a perpetual inventory system and assuming the clock cost Ahlers $3,000.

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Accounting Basics: Recording sales state sales tax and cost of goods sold

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Accounting Basics: Recording sales state sales tax and cost of goods sold

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