For a Retailer Required to Collect Sales Taxes from Customers

question 141

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

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Definitions:

Linear Regression

A statistical method for modeling the relationship between a dependent variable and one or more independent variables, assuming this relationship to be linear.

Regression Line

A line through a scatter plot of data points that best expresses the relationship between those points.

Best Fit

"Best fit" refers to a line or curve that most closely approximates the data points in a scatter plot, used in linear regression and other modeling techniques to predict outcomes.