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E4-22: Sales tax transactions Illustrate the effects on the accounts and financial statements of recording the following selected transactions: a. Sold $11,250 of merchandise on

E4-22: Sales tax transactions

Illustrate the effects on the accounts and financial statements of recording the following selected transactions:

a. Sold $11,250 of merchandise on account, subject to a sales tax of 6%. The cost of the merchandise sold was $6,750.

b. Paid $63,120 to the state sales tax department for taxes collected.

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