The amount of sales tax collected on a sale is entered into an account titled?

1 answer

Answer

1200266

2026-05-17 12:30

+ Follow

The amount of sales tax collected on a sale is typically entered into an account titled "Sales Tax Payable." This account represents a liability for the business, as it is money collected from customers that must be remitted to the government. It ensures accurate tracking of the sales tax owed and helps maintain compliance with tax regulations.

ReportLike(0ShareFavorite

Copyright © 2026 eLLeNow.com All Rights Reserved.