Balance on sales tax a/c (credit)
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Sales (including sales tax) amounted to $27,612.50, and purchases (excluding sales tax) amounted to $18,000. What is the balance on the sales tax account, assuming all items are subject to sales tax at 17.5%? A. $962.50 credit B. $1,682.10 debit C. $1,682.10 credit D. $962.50 debit |