For a Retailer Required to Collect Sales Taxes from Customers

question 132

Multiple Choice

For a retailer required to collect sales taxes from customers, all of the following adaptations would be made to the sales journal except:

• A) A Sales Taxes Payable debit column would be added.
• B) There would be a separate Sales credit column.
• C) Column totals would continue to be posted as usual.
• D) A Sales Taxes Payable credit column would be added.
• E) There would be a separate Accounts Receivable debit column.

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Definitions:

Sailboats

Watercraft propelled partly or entirely by sails that are used for recreation, sport, or transportation.

Surfboards

Engineered boards designed for surfing, crafted to glide and maneuver on the surface of ocean waves.

Marginal Rate

The rate at which some quantity, such as a tax rate or a rate of return, changes with respect to some change in another variable.

Transformation

A comprehensive change in condition, nature, or function of something.