During December, McNamara Services makes a credit sale of $4,000. The state sales tax rate is...

During December, McNamara Services makes a credit sale of $4,000. The state sales tax rate is 6%, and the local sales tax rate is 2%. Give the journal entry to record the sale including dealing with the sales tax. Briefly explain why this entry contains a recognition of a liability. Also, how will this liability be settled?

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ekkarill92 answered 1 year ago

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