Based on retail sales estimates from the state department, Financial Accounting

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Based on retail sales estimates from the state department

Based on retail sales estimates from the state Department of Revenue, additional sales taxes were accrued in the amount of $40,000. On December 31, 2014, $500 of interest was accrued on the investment in Treasury notes. Fair market value of these notes was the same as cost on December 31, 2014.

Required: Record these transactions in both the Street Improvement Fund and governmental activities journals.

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Financial Accounting: Based on retail sales estimates from the state department

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Financial Accounting: Based on retail sales estimates from the state department

Reference No:- TGS01005036

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