Lasalle Co sold merchandise on account in the amount of 550 . The sales tax rate is 6.5. What is the amount credited to the Sales Tax Payable account.
a. 550
b. 35.75
c. 585.75
d. 514.35
Question 2
The village of Bear Creek uses General Fund resources to pay debt service payments for its sole outstanding general obligation bonds, which were issued to finance the new Village Hall.
Its bond-related legal and contractual provisions neither require nor preclude paying the debt service through the General Fund. Which of the following statements is false?
a. GAAP requires the village to use a Debt Service Fund to account for the payment of principal and interest on the long-term debt.
b. GAAP permits but does not require the village to use a Debt Service Fund to account for the payment of principal and interest on the long-term debt.
c. The General Fund would record an expenditure for both the principal and interest portions of the debt service payment.
d. The General Fund would record an expenditure for only the interest portion of the debt service payment.
e. Both items a and d are false.
f. Both items b and c are false.
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