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Fig Company had cash sales of $66,900 (including taxes) for the month of June. Sales are subject to 1% of Municipality sales tax, and 105%

Fig Company had cash sales of $66,900 (including taxes) for the month of June. Sales are subject to 1% of Municipality sales tax, and 105% of state sales tax.

Instructions

a. Calculate the sale, Municipality sales tax and state sales tax.

b. Prepare the journal entry to record the sale.

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