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7. A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax

7. A retail store credited the Sales Revenue 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 Revenue account amounted to $294,000, what is the amount of the sales taxes owed to the taxing agency? $294,000$14,000$14,700$280,000

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