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Payton Company made cash sales during the month of January 2020 of $3,000,000. The sales are subject to an 8.25% sales tax that was also
Payton Company made cash sales during the month of January 2020 of $3,000,000. The sales are subject to an 8.25% sales tax that was also collected.
- Prepare the journal entry to record the sale and sales tax.
- Assume that the $3,000,000 includes both the selling price of the products and the sales tax. Prepare the journal entries to record the sale and the amount due the taxing unit.
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Issues In Management Accounting
Authors: Trevor Hopper, Robert W. Scapens, Deryl Northcott
3rd Edition
0273702572, 978-0273702573
