Zorn Inc makes a sale of $340. The company is required to collect sales taxes amounting...
Zorn Inc makes a sale of $340. The company is required to collect sales taxes amounting to 5%. what is the amount that will be credited to the sales tax payable account?
A. $17
B. $16
C. $170
D. $18
Homework Answers
Sales tax payable = Sales amount *"sales tax rate
= 340 * 5%
= 17
Option A is the answer
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