Jones Supply Co sold merchandise on account to J. Smith, invoice no. 151, for 185.50, plus 6 sales tax. What is the entry made to Accounts Receivable and Sales Tax Payable respectively?
a. 185.50 DR, 11.13 CR
b. 185.50 CR, 11.13 DR
c. 196.63 DR, 11.13 CR
d. 196.63 CR, 11.13 DR
Question 2
A government levies property taxes and awards discounts for timely payment. How should estimated discounts to be taken be accounted for and reported?
a. Reported as expenditures in the year the taxes are levied.
b. Reported as expenditures in the year the discounts are awarded for early payments received.
c. Reported as other financing uses.
d. Deducted from the amount of taxes levied to determine property tax revenues.
Phillip K. Smith III, Lucid Stead.
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