Refer to the information in BE88. Determine the financial statement effects of sales and sales tax payable.
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Refer to the information in BE8–8. Determine the financial statement effects of sales and sales tax payable.
Data from in BE8-8
During December, Far West Services makes a credit sale of $3,200 (before sales taxes). The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable.
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