Coronado 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. Coronado Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $ 744720. The amount of sales taxes (to the nearest dollar) for May is $ 48720. $ 67263. $ 61656. $ 52131.

Q: Sales tax transactions Journalize the entries to record the following selected transactions:A. Sold…

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A: Sales tax can be calculated on the basis of total sales and the tax rates on the sales.

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A: Sales tax on sale = $64,300*5% Sales tax on sale = $3,215

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Q: Sales Tax Transactions ournalize the entries to record the following selected transactions. a. Sold…

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Q: Required Information [The following information applies to the questions displayed below.] The…

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