Sales tax and record journal entry

Reference no: EM1357387

Wiley Inc operates in a state with a 6% sales tax. State law requires that the sales tax collected during the month be remitted during the following month prior to the 20th day of the month. If remitted on a timely basis, the retailer may keep 2% of the sales tax collected.

On May 10, 2007, Wiley, Inc remitted $91,450 to the state tax division for April 2007 sales. Calculate the amount of Wiley's April 2007 sales subject to sales tax, and, record the journal entry that would be made when the tax is paid:

Reference no: EM1357387

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