Applied Foods Had Cash Sales of $598,000 During the Month

question 20

Essay

Applied Foods had cash sales of $598,000 during the month of August. Sales taxes of 6.5% were collected on the sales. Prepare a compound journal entry to record the sales revenue and sales tax for the month.

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Definitions:

Money Income

The total amount of monetary earnings received by an individual or household, including wages, salaries, benefits, and income from investments.

Product Prices

The financial cost at which goods or services are offered to consumers in the market.

Budget Line

A graphical depiction of all possible combinations of two goods that a consumer can afford given their income and the prices of the goods.

Money Income

The total amount of monetary earnings received by an individual or household, including wages, salaries, and investment returns.