A liability account used to record sales tax collected and owed:

Name: A liability account used to record sales tax collected and owed:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Sales Tax Payable is the correct liability account used to record the sales tax collected and owed by the company. It represents the amount of sales tax that the company owes to the government and is recorded on the balance sheet as a current liability. Options A, C, and D are not correct in this context.

A Liability Account Used to Record Sales Tax Collected and Owed