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Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $3,000 of cash sales that are subject

Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $3,000 of cash sales that are subject to an 8% sales tax, what is the journal entry to record the cash sales?


On April 12, Hong Company agrees to accept a 60-day, 10%, $5,100 note from Indigo Company to extend the due date on an overdue account payable. What is the journal entry made by Indigo Company to record the transaction?



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