Kay Sadia sold merchandise for $7,200 subject to 8% sales tax. The entry in the general journal to record the sale will include:

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lizybizzy5075 lizybizzy5075

13-03-2018
Mathematics

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Kay Sadia sold merchandise for $7,200 subject to 8% sales tax. The entry in the general journal to record the sale will include:

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Louli Louli · Answer 1 · 2018-03-26T02:09:05+02:00

Answer:
The entry journal to record the sale will include a debit to accounts receivable for $7776

Explanation:
The original price of merchandise = $7200
The tax is 8%
This means that when recording, kay sadia has to record the total of the original price in addition to the tax.
This means that:
Total record = original price + subject tax
Total record = 7200 + 0.08(7200)
Total record = 7200 + 576
Total record = $7776

Hope this helps :)