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Valentino Farms started business on August 1, 20X1. During August, Valentino Farms reported sales of...

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Accounting

Valentino Farms started business on August 1, 20X1. During August, Valentino Farms reported sales of $52,000 and sales returns and allowances of $900. Valentino Farms must charge 7% sales tax on all sales.

Compute the balance of the Sales Tax Payable account on August 31, 20X1.

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