Which of the Following Would Be Included in the Journal

question 113

Multiple Choice

Which of the following would be included in the journal entry to record the payment of sales taxes payable?

• 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

Know the order and rationale behind the preparation of financial statements from the adjusted trial balance.

Describe alternate methods for accounting for prepaid expenses.

Understand partnership formation and the impact of new partners on existing capital balances.

Apply the bonus and goodwill methods in adjusting partnership capital accounts.