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The state sales tax department for taxes collected

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Reference no: EM131122772

1. Journalize the entries to record the following selected transactions:

a. Sold $3,400 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $2,000.

b. Paid $41,950 to the state sales tax department for taxes collected.

Reference no: EM131122772

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