Author Question: A liability account used to record sales tax collected and owed: a. Sales Tax Expense b. Sales ... (Read 77 times)

Evvie72 · **on:** Jul 6, 2018

A liability account used to record sales tax collected and owed:
a. Sales Tax Expense
b. Sales Tax Payable
c. Merchandise Tax
d. Prepaid Taxes

Question 2

The county received a 1,500,000 restricted grant from the state government to be used to improve its public safety department's communication systems.

The county will not meet all eligibility requirements of the grant until next fiscal year, when the county plans to begin incurring expenditures for this purpose. In the current year, the General Fund should report this grant as
a. other financing sources.
b. deferred revenues.
c. revenues.
d. None of the above