Essay
Explain why the account Sales Tax Payable is credited when a sale is made subject to a sales tax?
Correct Answer:
Verified
Sales Tax Payable is a liabili...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
Sales Tax Payable is a liabili...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Related Questions
Q75: Calculate gross sales:<br>net sales = $100,000<br>sales returns
Q76: Net sales equal:<br>A) gross sales.<br>B) gross sales
Q77: Determine the amount of cash collected at
Q78: The controlling account is found in the
Q79: The Bay Co. had the following transactions
Q81: If a credit memorandum is issued, what
Q82: Entries to customers' accounts for sales are
Q83: Sales discounts are NOT taken on which
Q84: Determine the amount of cash collected on
Q85: Sales Tax Payable is a:<br>A) liability account