When a sale is made and sales tax is collected from the customer, the sales tax...
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When a sale is made and sales tax is collected from the customer, the sales tax is recorded as a/an until the amount owed to the state is remitted. O expense (sales tax expense) O current liability (sales tax payable) O current asset (cash) O revenue (sales tax revenue) When a sale is made and sales tax is collected from the customer, the sales tax is recorded as a/an until the amount owed to the state is remitted. O expense (sales tax expense) O current liability (sales tax payable) O current asset (cash) O revenue (sales tax revenue)
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The correct answer is Current Liabilitysales tax payable Explanation Once the sales t... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
Posted Date:
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