Examlex
Which of the following will NOT cause an increase in the supply of cornflakes?
Sales Tax Payable
Sales tax payable is a liability account that records the amount of sales tax collected by a company from customers, which is due to be paid to the governmental tax authority.
Liability Account
An account on the balance sheet representing an obligation to pay money or deliver goods or services to another entity in the future.
Merchandise Return
A transaction where customers return previously purchased merchandise to the seller for a refund, credit, or exchange.
Asset Account
An account that records the value of assets owned by a person or organization.
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