Sales taxes that are collected from selling a product or service are recorded as
A) revenue.
B) an expense.
C) an asset.
D) a liability.
Correct Answer:
Verified
Q91: A sales invoice is prepared when goods
A)are
Q92: A purchase invoice is a document that
A)provides
Q93: When management estimates a rate for return,
Q94: The respective normal account balances of Sales,
Q95: The Estimated Inventory returns account is a(n)
A)liability
Q97: On August 5, Michaels Ltd.sells goods for
Q98: Refund Liability is a(n)
A)asset account.
B)contra asset account.
C)expense
Q99: The Estimated Inventory Returns account is a(n)
A)asset
Q100: Which of the following is not one
Q101: Which of the following is not true
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