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Assume a cash sale of $ 1 0 , 0 0 0 during a company s first month of operations and the related sales tax

Assume a cash sale of $

10, 000

during a company

s first month of operations and the related sales tax collected from the customer in the amount of $

1, 000

has not yet been remitted to the state. How will this transaction affect the company

s financial statements prepared on the last day of that month?

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