Prepare record related to sales tax revenues for the year

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Question :

The City of Kayla levies a local sales tax that is collected by the merchants and remitted to the city by the twentieth day of the month following the month of sale.

The city maintains its books and records in a manner that facilitates the preparation of fund financial statements.

The city has adopted a 50- day rule for sales tax revenue recognition, where appropriate. Prepare all necessary journal Entries to record the following transactions related to Sales tax REVENUES for the year Ended December 31 , 2014.

Reference no: EM132319409

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