Calculate the amount of tax that a company can keep each month when remitting provincial sales tax.

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Calculate the amount of tax that a company can keep each month when remitting provincial sales tax. Assume that the commission is equal to 15% of the first $200 of tax and 1% of the remaining tax, to a maximum of $58 per month.

Then, record the journal entry on the 20th of each month following the month of the sale.

Month PST CHARGED COMMISSION PST TO REMIT

January $248.50

February 119.95

March 485.00

April 3,625.00

Date Account & Description debit credit

Feb 20

march 20

April 20

May 20

Related Book For answer-question

Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

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Posted Date: Jan 17, 2023 03:31 AM

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Calculate the amount of tax that a company can keep each month when remitting provincial sales tax.

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Microeconomics An Intuitive Approach with Calculus

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