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32. Macys has an agreement with Mastercard to pay 3% of the sale price every...

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Accounting

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32. Macys has an agreement with Mastercard to pay 3% of the sale price every time a customer uses the credit card to make a purchase. The sales tax rate is 6%. Record the journal entry if Macy sells $1,000 of inventory and accepts Mastercard as payment. Assume the cost of the inventory sold is $600

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