(a) Your roommate says, Sales taxes are reported as an expense in the income statement. Do you...
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(a) Your roommate says, “Sales taxes are reported as an expense in the income statement.” Do you agree? Explain.
(b) Planet Hollywood has cash proceeds from sales of $7,400.This amount includes $400 of sales taxes. Give the entry to record the proceeds.
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Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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