Kloth Fabric Store operates in Philadelphia, Pennsylvania, where sales taxes are 7% of sales. Kloth collected $

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Kloth Fabric Store operates in Philadelphia, Pennsylvania, where sales taxes are 7% of sales. Kloth collected $ 27,860 on sales made this month, including the sales price and sales taxes. The company uses a periodic inventory system. Prepare the journal entry to record sales for the current month. What is the amount of sales taxes Kloth will remit to taxing authorities?
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Intermediate Accounting

ISBN: 978-0132162302

1st edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

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