Sales Tax Payable

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Sales Tax Payable (alternatively known as Sales Tax Payable account) is a financial account in the ledger that accumulates the amount of sales tax owed. It has a credit balance.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Sales Tax Payable account. An account in the general ledger that accumulates the amount of sales tax owed. It has a credit balance.

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