Question
S operates in a business environment with a 6% state sales tax rate and a 4% county sales tax rate. The state allows S to
S operates in a business environment with a 6% state sales tax rate and a 4% county sales tax rate. The state allows S to keep 2% of the state sales tax it collects while the county requires S to remit 99% of the county sales tax it collects. During June, S recorded the sales taxes in its sales revenue account. Ss sales revenue account for June was $704,000. S prepares AJEs monthly. S will remit the June sales taxes to the state and to the county on July 10. Prepare the entry S made for the month ended 06-30 to reflect the sales tax it will remit to the state and to the county.
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