may 24 sold merchandise on account to old town cafe $18,450. the cost of goods sold...

may 24 sold merchandise on account to old town cafe $18,450. the cost of goods sold was $11,000.
sept. receive$6,000 from old cafe and wrote off the remainder owed on the sale of may 24 as uncollectible

Expert Solution

ekkarill92 answered 2 years ago

a. Sold $852,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $502,680.

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