The following activities occur for ABC County. During 2020, businesses in a county collect $10,000,000 in sales
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- The following activities occur for ABC County.
- During 2020, businesses in a county collect $10,000,000 in sales taxes from customers. These taxes are remitted to the county with 50% deposited in the General Fund and 50% deposit in a Custodial Fund. Using the attached T-account template or a spreadsheet with proper classifications and account names, prepare the journal entries to record the above activities in each fund.
Related Book For
Managerial accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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