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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

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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 $241500, what is the amount of the sales taxes owed to the taxing agency? $230000 $241500 $11500 $12075

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