a. Your roommate says, Sales taxes are reported as an expense in the income statement. Do you
Question:
a. Your roommate says, “Sales taxes are reported as an expense in the income statement.” Do you agree? Explain.
b. Jensen Company has cash proceeds from sales of $8,400. This amount includes $400 of sales taxes. Give the entry to record the proceeds.
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Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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