Question: Nylah Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax

Nylah Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Nylah Co, records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during January was $754,350. Prepare the adjusting entry that should be recorded to fairly present the January financial statements

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