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Prepare the journal entry to record the sales taxes

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Question - Cortex Technology operates retail stores throughout the? tri-state area. The? company's sales are subject to a 6?% sales tax payable to the state and county government. At the end of the current? year, Cortex reported accounts receivable of $5,618,000 for credit? sales, which includes the sales value of the merchandise sold plus the sales taxes. Prepare the journal entry to record the sales taxes Cortex remitted to the state and county taxing jurisdictions.

Reference no: EM132904662

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