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Prepare entries: cash collections from sales taxes totaled $832000 and from revenue sources other than taxes were $117000.. In addition, sales taxes receivable due July
Prepare entries: cash collections from sales taxes totaled $832000 and from revenue sources other than taxes were $117000.. In addition, sales taxes receivable due July 1 were accrued in the amount of $12700. My options to choose Cash, Taxes Receivable- Current and Revenue. The entry is 3 lines. I can't figure out the amounts to use. Please help
Cash Debit $949,000
Sales Tax Receivable Credit ?
Revenues Credit ?
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