Valentino Farms started business on August 1, 20X1. During August, Valentino Farms reported sales of $52,000 and sales returns and allowances of $900. Valentino Farms must charge 7% sales tax on all sales. Required: Compute the balance of the Sales Tax Payable account on August 31, 20X1. Sales Tax Payable, August 31, 20X1

Valentino Farms started business on August 1,20x1. During August, Valentino Farms reported sales of $52,000 and sales returns and allowances of $900. Valentino Farms must charge 7% sales tax on all sales. Required: Compute the balance of the Sales Tax Payable account on August 31, 20X1