On March 25, Osgood Company sold merchandise on account, $3,200 terms n/30. The applicable sales tax percentage is 6%. Record the transaction. If an amount box does not require an entry, leave it blank. Mar. 25

the transaction record as given below

Explanation:

given data

sold merchandise = $3,200

terms n/30

sales tax percentage = 6%

solution

as here with 6% sale tax payable is

sale tax payable = 6% of 3,200 = $192

and account Receivable will be $192 + $3200 = $3392

so

we get here the transaction record that is as

date title Dr. Cr.

25-Mar Accounts Receivable 3392

Sale 3200

Sales tax payable 192

25-Mar Cost of goods sold

Inventory