Which of the Following Accounts Is Credited by the Seller

question 179

Multiple Choice

Which of the following accounts is credited by the seller when tax is collected on retail sales?

• A) Accounts Payable
• B) Payroll Tax
• C) Sales Tax Payable
• D) Unearned Revenue

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Definitions:

Excess Supply

Occurs when the quantity of a good or service supplied is greater than the quantity demanded, often leading to a decrease in price.

Minimum Wage

The lowest legal salary that employers can pay their workers, established by government laws.

Labor Market

A marketplace where wages are determined, and workers are hired and fired.

Consumer Surplus

The difference in the total cost consumers are prepared and financially able to cover for a good or service, against the total cost they actually cover.