The journal entry for the purchase of inventory on account using the perpetual inventory system is A. Accounts and Explanation Debit Credit Merchandise Inventory xxx Accounts Payable xxx B. Accounts and Explanation Debit Credit Merchandise Inventory xxx Cash xxx C. Accounts and Explanation Debit Credit Accounts Payable xxx Merchandise Inventory xxx D. Accounts and Explanation Debit Credit Merchandise Inventory xxx Accounts Receivable xxx

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

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