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On 7/1, the beginning balance in sales tax payable is a $50,000 credit. On 7/15, a $45,000 cash payment is made to the governing authority

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On 7/1, the beginning balance in sales tax payable is a $50,000 credit. On 7/15, a $45,000 cash payment is made to the governing authority for the sales taxes collected, which results in which of the following: Assets decrease and expenses increase. Assets increase and stockholders' equity decrease. Assets increase and liabilities decrease. Assets decrease and liabilities decrease, Assets decrease and stockholders' equity increase Assets decrease and expenses decrease

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