Question: exam review any help id apprciated CHAPTER 11: 9. Which of the following statements regarding Accounts Payable is incorrect? A) The Accounts Payable account is

exam review any help id apprciated exam review any help id apprciated CHAPTER 11: 9. Which of the

CHAPTER 11: 9. Which of the following statements regarding Accounts Payable is incorrect? A) The Accounts Payable account is decreased with a credit. B) Accounts payable occur because the business receives the goods or services before payment has been made. C) Because accounts payable are typically due in 30 days, they are current liabilities. D) Accounts payable represent debts owed to creditors. 10. Which of the following would be included in the journal entry to record the payment of sales tax payable? A) a debit to Sales Tax Payable B) a credit to Sales Tax Expense C) a debit to Sales Tax Expense D) a credit to Sales Tax Payable 11. Mars Corp. had cash sales of $10,000. The state sales tax rate is 10.8%. What amount is debited to the Cash account? A) $10,000 B) $11,080 C) $1080 D) $1000 12. On August 31, 2018, Allright Services received $3,500 in advance of performing the service. Which journal entry is needed to record the receipt of cash? A) Debit Unearned Revenue $3,500, and credit Cash $3,500. B) Debit Cash $3,500, and credit Service Revenue $3,500. C) Debit Unearned Revenue $3,500, and credit Service Revenue $3,500. D) Debit Cash $3,500, and credit Unearned Revenue $3,500

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