A company recorded collections on the 7 . 7 5 % sales tax it collected on its
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Question:
A company recorded collections on the sales tax it collected on its sales in its revenue account. Cash collected $ What account is overstated or understated and by what amount?
a sales revenue, understated by $
b sales taxes payable, understated $
c cash, understated by $
d cash, overstated by $
e sales taxes payable, overstated $
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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