A Retail Store Credited the Sales Account for the Sales

question 169

Multiple Choice

A retail store credited the Sales 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 account amounted to $315,000, what is the amount of the sales taxes owed to the taxing agency?

• A) $300,000
• B) $315,000
• C) $15,750
• D) $15,000

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