Question
Tasty Tacos, Inc. collects sales taxes from customers based on a sales tax rate of 8.25%. Each month Tasty Tacos, Inc. remits to the
Tasty Tacos, Inc. collects sales taxes from customers based on a sales tax rate of 8.25%. Each month Tasty Tacos, Inc. remits to the state all sales taxes collected in the preceding month, less a .5% discount for on-time payments. During the month of April, Tasty Tacos, Inc.'s total sales were $1,000,000. What is the journal entry to record sales and sales taxes for the month of April? APET FOO What is the journal entry to record Tasty Tacos, Inc.'s remittance of sales taxes?
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Construction accounting and financial management
Authors: Steven j. Peterson
2nd Edition
135017114, 978-0135017111
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