J.B. Good, Inc., a wholesaler, sold merchandise to a retailer which had properly supplied it...
80.2K
Verified Solution
Link Copied!
Question
Accounting
J.B. Good, Inc., a wholesaler, sold merchandise to a retailer which had properly supplied it a resale certificate so that the retailer would not have to pay sales tax to J.B. Good, Inc. when it bought the merchandise. The sales tax rate is 6. The resale certificate is used when the buyer intends to resell the merchandise, and when it actually does resell the merchandise, it charges the applicable sales tax to its customer(s). J.B. Good, Inc. sold merchandise on open account for a total price of $10000). The merchandise had a cost (was carried in inventory at)$ 6.500. Make the entries that go on Goods books for the sale and for the relief from inventory.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
