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LO1 Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales

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LO1 Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co. records the sales tax in the Sales Revenue account. The amount recorded in the sales Revenue account during May was $754,350 The mount of sales taxes payable (to the nearest dollar) to the state for the month of May is: 5.36 563.286 551.750 $37,719

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