Question

Sales Transactions and T Accounts Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. 1. No sales tax. (a) Merchandise is sold for $320 cash. (b) Merchandise is sold on account for $385. (c) Payment is received for merchandise sold on account.

Answer 1

Payment id received for merchanise sold on account