A state requires quarterly sales tax returns to be filed with the sales tax bureau by the 20th day following the end of the calendar quarter. However, the state further requires that sales taxes collected be remitted to the sales tax bureau by the 20th day of the month following any month such collections exceed $1,000. These payments can be taken as credits on the quarterly sales tax return. Tactic Corporation operates a retail hardware store. All items are sold subject to a 6% state sales tax, which Tactic collects and records as sales revenue. The sales taxes paid by Tactic are charged against sales revenue. Tactic pays the sales taxes when they are due. Following is a monthly summary appearing in Tactic's first-quarter 2020 sales revenue account: Debit Credit January $ - $21,200 February 1,200 14,840 March 19,080 $1,200 $55,120 In its financial statements for the quarter ended March 31, 2020, Tactic's sales revenue and sales taxes payable would be: O $55,120 $3,120 $53,920 $1,200 $52,000 $3,120 $52,000 $1,920