Exercise 7-4 Recognizing sales tax payable LO 7-2 [The following information applies to the questions...
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Exercise 7-4 Recognizing sales tax payable LO 7-2 [The following information applies to the questions displayed below The following selected transactions apply to Easy Stop for November and December 2014. November was the first month of operations. Sales tax is collected at the time of sale but is not pald to the state sales tax agency until the following month 1. Cash sales for November 2014 were $64,500 plus sales tax of 10 percent. 2. Easy Stop paild the November sales tax to the state agency on December 10, 2014 3. Cosh sales for December 2014 were $78,000 plus sales tax of 10 percent
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