Far and Wide Broadband provides Internet connection services to customers living in remote areas. During February 2020,
Question:
a. State of Kansas sales tax of 6%
b. Federal excise tax of 0.2%
c. State of Kansas use tax of 0.4%
Required:
Assuming Far and Wide collects these taxes from the customer, what journal entry would Far and Wide make when the customers pay their bills?
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Journal Date Account and Explanation Debit Credit Accounts Recei...View the full answer
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