FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Raney Co is a retail store operating in a state with a 6% retail sales tax. The retailer may keep
2% of the sales tax collected. Raney Co records the sales tax collected in the Sales account.
The amount recorded in the Sales account during May was $148,400.
What was the amount of sales tax (to the nearest dollar) for May?
O $8.726
O $8,400
O $8.904
O $9.438
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