Figure 4-20 Refer to Figure 4-20

question 60

Multiple Choice

Figure 4-20 Refer to Figure 4-20. As the figure is drawn, who sends the tax payments to the government?

• A) the buyers
• B) the sellers
• C) A portion of the tax payments is sent by the buyers and the remaining portion is sent by the sellers.
• D) The question of who sends the tax payments cannot be determined from the figure.

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Definitions:

Special Journals

Journals that record similar types of transactions, such as all credit sales.

Sales Returns

Goods returned by customers after purchase, reducing the total sales revenue.

Cash Payments Journal

An accounting ledger that tracks all cash payments made by a business, including expenses, debt payments, and purchases.