On March 25, Osgood Company sold merchandise on account, $10,000, terms n/30. The applicable sales tax percentage is 7.5%. Record the transaction.​

Sales Tax Percentage

The rate at which sales tax is applied to the purchase price of goods and services, expressed as a percentage.

Merchandise Sold

Goods that have been sold and transferred from the seller to the buyer; this term is often used in the retail and wholesale sectors.

Terms n/30

Payment terms indicating that an invoice must be paid within 30 days, where "n" stands for "net".