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49 50 The state levies a 4 percent sales tax on merchant sales volume while the local government levies a 2 percent sales tax on the same activity. Merchants are required to remit the full amount of all levied taxes to the state government within 15 days of month-end and the state is required to remit collected taxes to local authorities within 30 days of receipt. Assume the state and local authority had June 30 year-ends, and that sales volume for the months of June and July were $100,000 and $200,000, respectively. At June 30, each government would accrue the following related to sales activity: State Local Government Tax Revenue Payable Tax Revenue O $12,000 $6,000 $6,000 O $12,000 $4,000 $2,000 O $12,000 $6,000 $2,000 O $4,000 $2,000 $2,000