Multiple Choice
A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales Revenue account amounted to $420,000, what is the amount of the sales taxes owed to the taxing agency?
A) $400,000
B) $420,000
C) $21,000
D) $20,000
Correct Answer:
Verified
Correct Answer:
Verified
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