Question a your roommate says sales taxes are reported as, Ask an Expert

Accounting

Question: (a) Your roommate says, "Sales taxes are reported as an expense in the income statement." Do you agree? Explain.

(b) Leiana's Cafe has cash proceeds from sales of $8,550. This amount includes $550 of sales taxes. Give the entry to record the proceeds.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92659011

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