Read each of the following transactions. Determine the accounts and amounts to be debited and credited. A) Sold merchandise for $240 on credit plus sales tax of $24.B) Collected $2,500 from credit customers on account.C) Sold merchandise for $960 on credit plus sales tax of $96.
What will be an ideal response?
A) Debit Accounts Receivable $264; credit Sales $240 and Sales Tax Payable $24
B) Debit Cash $2,500; credit Accounts Receivable $2,500
C) Debit Accounts Receivable $1056; credit Sales $960 and Sales Tax Payable $96
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