Associated Foods had cash sales of $787,000 during the month of August. Sales taxes of 7% were collected on the sales. Prepare an aggregate journal entry to record the sales revenue and sales tax for the month.
Definitions:
Tax Reduction
A decrease in the amount of taxes imposed by a government.
Price
The price anticipated, required, or paid in exchange for a particular item.
Quantity
The amount or number of a material or product available or produced.
Independent Variable
The variable causing a change in some other (dependent) variable.
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