Question
Mason Company makes sales on which an 6% sales tax is assessed. The following summary transactions were made during 2015: a. b. C. Cash
Mason Company makes sales on which an 6% sales tax is assessed. The following summary transactions were made during 2015: a. b. C. Cash sales of $900,000, plus sales taxes of 6%. Credit sales of $2,150,000. The $2,150,000 includes sales taxes but you must record them separately. Sales taxes of $213,500 were paid to the state. Required: Prepare journal entries to record the preceding transactions a, b and c above. (Round to the nearest whole number.) (8 pts) Ref. Debit Credit
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
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