Accounting for sales taxes Marshmallow Inc. sells merchandise for $200,000 cash on November 30 (cost of merchandise is $130,000). The sales tax law requires Marshmallow Inc. to collect 4% sales tax on every dollar of merchandise sold. Record the entry for $200,000 sale and its applicable sales tax. Also record the that shows the remittance of the 4% tax on this sale to the state government on December 15. Accounting for property taxes entry Fonda Company's fiscal year is the calendar year. During the month of June 2017, Fonda received a bill for $46,500 of property tax assessed that is due on July 31, 2017 for the period July 1, 2017 through June 30, 2018. a. b. Prepare journal entries to record. The payment of the property taxes on July 15, 2017. The adjusting entry for property taxes on December 31, 2017: