Your company sells ($ 100,000) of goods and you collect sales tax of (3 %). What current
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Your company sells \(\$ 100,000\) of goods and you collect sales tax of \(3 \%\). What current liability does the sale create?
a. . Yone; you collected cash up front.
b. Unearned revenue of \(\$ 3,000\)
c. Sales tax payable of \(S 3,000\)
d. Sales revenue of \(\$ 103,000\)
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The correct answer is c Sales tax payable of 3000 When y...View the full answer
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