A company sells $ 180,000 (sales price) of goods and collects sales tax of 8%. What current liability does the sale create?
A. Sales tax payable of $ 14, 400
B. Sales revenue of $ 194, 400
C. Unearned revenue of $ 14, 400
D. None; the company collected cash up front.
Ans: A. Sales tax payable of $ 14, 400
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