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  3. 2. a state requires "large" merchants to remit sal

2. A state requires "large" merchants to remit sales tax within 15 days of the...

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2. A state requires "large" merchants to remit sales tax within 15 days of the month following the collection of the sales tax and "small" merchants to remit sales tax within 15 days of the quarter following the collection of the sales tax. Prepare the fund financial statement journal entries for the state for the following transactions; a. In December 2020 "large" merchants collect $800,000 of sales tax b. In December 2020 "small" merchants collect $700,000 of sales tax c. On 1/12/21 "large" merchants remit to the state December 2020's sales tax collections d. On 4/1/21 "small" merchants remit to the state December 2020's sales tax collections

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