Essay
Back Cove Yacht Company billed its customers a total of $1575000 for the month of November. The total includes a 5% state sales tax.
Instructions
(a) Determine the proper amount of revenue to report for the month.
(b) Prepare the general journal entry to record the revenue and related liabilities for the month.
Correct Answer:
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(a) $1575000 ÷ 1.05 = $1500000 is the to...View Answer
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