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The state sales tax department for taxes collected

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Reference no: EM13990195

Illustrate the effects on the accounts and financial statements of recording the following selected transactions:

a. Sold $11,250 of merchandise on account, subject to a sales tax of 6%. The cost of the merchandise sold was $6,750.

b. Paid $63,120 to the state sales tax department for taxes collected.

Reference no: EM13990195

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