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:

Physical Controls

Security measures aimed at preventing unauthorized access to or damage to physical assets, including inventory and equipment.

Employee Identification Badges

Physical or digital badges that display essential identifying information about employees, used for security and identification purposes.

Remittance Advices

Remittance advices are documents sent by customers to businesses indicating that an invoice has been paid, often including details of the payment.

Mail Receipts

Incoming payments or documents received through postal services, often associated with business transactions or official correspondences.