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2. Sales Tax Taylor Company made cash sales during the month of June 2020 of $2,000,000. The sales are subject to an 8.25% sales tax
2. Sales Tax Taylor Company made cash sales during the month of June 2020 of $2,000,000. The sales are subject to an 8.25% sales tax that was also collected. (a) Prepare the journal entry to record the sale and sales tax. (b) Assume that the $2,000,000 includes both the selling price of the products and the sales tax. Prepare the journal entries to record the sale and the amount due the taxing unit
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