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A state requires ‘‘large’’ merchants (i.e., those with sales over a specified dollar amount) to report and remittheir sales taxes within fifteen days of the end of each month. It requires ‘‘small’’ merchants to report and remittheir taxes within fifteen days of the end of each quarter. In January 2012, large merchants remitted sales taxesof $400 million owing to sales of December 2011. In February 2012, they remitted $280 million of sales taxesowing to sales of January 2012. In January small merchants remitted sales taxes of $150 million owing to sales of thefourth quarter of 2011.1. Prepare an appropriate journal entry to indicate the impact of the transactions on the state’s fund financialstatements for the year ending December 31, 2011.2. Suppose, instead, that 10 percent of the taxes received by the state were collected on behalf of a city withinthe state. It is the policy of the state to remit the taxes to the city 30 days after it receives them. Prepare anappropriate journal entry to indicate the impact of the transactions on the city’s fund financial statements forthe year ending December 31, 2011.
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