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3. Mason Company makes sales on which an 6% sales tax is assessed. The following summary transactions were made during 2015: a. b. Cash sales
3. Mason Company makes sales on which an 6% sales tax is assessed. The following summary transactions were made during 2015: a. b. Cash sales of $900,000, plus sales taxes of 6%. Credit sales of $2,150,000. The $2,150,000 includes sales taxes but you must record them separately. Sales taxes of $213,500 were paid to the state. c. Required: Prepare journal entries to record the preceding transactions a, b and c above. (Round to the nearest whole number.) (8 pts) Ref. Debit Credit GO ON TO NEXT PAGE
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