3) Airport Software Ltd. includes an 5\% sales tax in the amount credited to the...
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3) Airport Software Ltd. includes an 5\% sales tax in the amount credited to the sales account. If the sales account has a balance of $675,250, the amount of the sales tax payable to the government is: A) $29,347 B) $29,450 C) $32,155 D) $33,763 4) Aviation Holdings Corporation's sales for the day totalled $10,552. Jensen collected an additional 5% in sales tax. The entry to record the day's sales includes a: A) debit to Sales Tax Expense B) debit to Sales Tax Payable C) credit to Sales Tax Expense D) credit to Sales Tax Payable 5) Potential liabilities that depend on future events arising out of past events are called: A) long-term liabilities B) estimated liabilities C) actual liabilities D) contingent liabilities 6) A repair to an appliance under warranty occurs within the warranty period. What adjustment is made? A) Warranty Expense is debited. B) Repair Expense is debited. C) Estimated Warranty Payable is debited. D) Estimated Warranty Payable is credited
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