Some Accounting Questions?
Some Accounting Questions?
When the seller prepays the transportation costs and the terms of sale are FOB shipping point, the seller records the payment of the transportation costs by debiting:
a.Sales
b.Accounts Receivable
c.Transportation In
If the seller collects sales tax at the time of sale, the seller credits the tax to:
a.Sales Tax Payable
b.Sales Tax Receivable
c.Sales
After all adjusting entries are posted, the balances of all asset, liability, revenue, and expense accounts correspond exactly to the amounts in the:
a.general journal
b.work sheet trial balance
c.financial statements
I think the first one is B and the second is B as well.
Answers:
May I help You?: b.
A...............he already collected the sales tax.....so it's not
S.T. receivable.....The debit is to cash, credit Sales Tax Payable, because you owe it to the State....
last is financial statements
2006-11-20 20:28:05
2006-11-20 20:28:05
Irene: the first is B
the second is A (you will remit this amount to the government hence payable
the third I think is A
(it is not C because C includes bunch of other information, such as management's notes and so forth)
2006-11-20 21:31:10
2006-11-20 21:31:10