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Exercise 8-67 (Algorithmic) Sales Tax Weston Cellular provides wireless phone service. During April 2020, it billed customers a total f $118,000 before taxes. Weston also
Exercise 8-67 (Algorithmic) Sales Tax Weston Cellular provides wireless phone service. During April 2020, it billed customers a total f $118,000 before taxes. Weston also must pay the following taxes on these charges: a. State f linois sales tax of 7% b. Federal excise tax of 0.2% f llinois excise tax of 0.3 % c. State Required: Assuming Weston collects these taxes from the customers, what journal entry would Weston make when the customers pay their bills? If an amount box does not require an entry, leave it blank. (Record sale)
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