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Sales Tax Perkins Company made cash sales during the month of April, 2024, of $6,360,000. The sales are subject to a 6% sales tax that
Sales Tax Perkins Company made cash sales during the month of April, 2024, of $6,360,000. The sales are subject to a 6% sales tax that was also collected. Instructions: (a) Prepare the journal entry to record the sale and sales tax. (b) Assume that the $6,360,000 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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