Like all retailers, Hollister is required to collect sales tax to be remitted to state and local

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Like all retailers, Hollister is required to collect sales tax to be remitted to state and local government authorities. Assume a local store has cash proceeds from sales of $5,325, including $325 in sales tax. What is the sales tax rate? Provide the journal entry to record the proceeds.

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Financial Accounting

ISBN: 978-0078025549

3rd edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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