Valentino Farms started business on August 1, 20X1. During August, Valentino Farms reported sales of $52,504 and sales return and allowance of $904. Valentino Farms must charge 7% sales tax on all sales. Required: Compute the balance of the Sales Tax Payable account on August 31, 20X1

Valentino Farms started business on August 1.20X1. During August, Valentino Farms reported sales of $52.504 and sales returns and allowances of $904. Valentino Farris atust charge 7% sales tax on all sales. Required: Compute the balance of the Sales Tax Payable account on August 31, 201