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. Group of answer choices revenue (sales tax revenue) current asset (cash) current liability (sales tax payable) expense (sales tax expense)
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. Group of answer choices revenue (sales tax revenue) current asset (cash) current liability (sales tax payable) expense (sales tax expense)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
Group of answer choices
revenue (sales tax revenue)
current asset (cash)
current liability (sales tax payable)
expense (sales tax expense)
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