Victoria Sales Made Total Cash Sales in February of $666,000

question 142

Essay

Victoria Sales made total cash sales in February of $666,000, and they are subject to 7.5% sales tax. Please provide the summary entry to record sales revenues and sales tax payable.

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Definitions:

Condition Subsequent

A condition in a contract or agreement that, if it occurs, terminates the contract or agreement or changes the parties' obligations under it.

Incidental Damages

Collateral damages that result from a breach of contract, including all reasonable expenses that are incurred because of the breach; damages that compensate a person injured by a breach of contract for reasonable costs he incurs in an attempt to avoid further loss.

Consequential Damages

refer to losses that result indirectly from a breach of contract, extending beyond the direct and immediate damage.

Statute Of Limitations

Refers to the maximum period one can wait before filing a lawsuit, varying by the type of legal claim.