Indicate whether each of the following statements about sales tax is true or false:
1. Remitting to the state the amount of sales tax collected on sales is a claims exchange transaction
2. Collecting sales tax from a customer is an asset source transaction
3. If a company records a $100 sale that is subject to a sale tax rate of 6%, it should record Sales Revenue in the amount of $94
4. The amount a company owes to the state for sales tax it has collected is a current liability
5. When a company records sales tax it has collected from a customer, it records Sales Tax Expense and Sales Tax Payable

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The Answer of Indicate whether each of the following statements about sales tax is true or false:
1. Remitting to the state the amount of sales tax collected on sales is a claims exchange transaction
2. Collecting sales tax from a customer is an asset source transaction
3. If a company records a $100 sale that is subject to a sale tax rate of 6%, it should record Sales Revenue in the amount of $94
4. The amount a company owes to the state for sales tax it has collected is a current liability
5. When a company records sales tax it has collected from a customer, it records Sales Tax Expense and Sales Tax Payable

Indicate Whether Each of the Following Statements About Sales Tax