Which of the Following Would Be Included in the Journal

question 21

Multiple Choice

Which of the following would be included in the journal entry to record the payment of accrued sales tax?

• A) A debit to Sales tax payable
• B) A credit to Sales tax expense
• C) A debit to Sales tax expense
• D) A credit to Sales tax payable

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Definitions:

Journal Entries

The records of financial transactions in the double-entry bookkeeping system, each of which must have a debit and a credit.

Purchase and Payment

Purchase and payment refer to the process of acquiring goods or services and subsequently settling the obligation to pay for these goods or services.

Balance Sheet

A financial statement that presents a company's assets, liabilities, and shareholders' equity at a specific point in time, showing the company's financial position.