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)

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 51P

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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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