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ACC 291T Week 1 Apply: Connectu00ae Exercise//tutorfortune.com<br><br>Click on below link to buy<br>https://tutorfortune.com/products/acc-291t-week-1-apply-connect-exercise<br><br><br>ACC 291T Week 1 Apply: Connectu00ae Exercise<br><br>Review the Knowledge Check in preparation for this assignment.<br><br>Complete the Week 1 Exercise in Connectu00ae.<br><br>Note: You have only one attempt available to complete this assignment.<br><br>Grades must be transferred manually to eCampus by your instructor. Donu2019t worry, this might happen after your due date<br><br>If Lacyu2019s Department Store charges 8 percent sales tax, the amount of sales tax collected on a $525 sale would be<br><br>Multiple Choice<br><br>u2022<br><br>$4.20.<br><br>u2022<br><br>$420.00.<br><br>u2022<br><br>$42.00.<br><br>u2022<br><br>$567.00.<br><br>___________ are required to collect sales tax from customers, make periodic payments to the taxing authority, and pay the taxes due when reports are filed.<br><br>Multiple Choice<br><br>u2022<br><br>Wholesalers<br><br>u2022<br><br>Retailers<br><br>u2022<br><br>Manufacturers<br><br>u2022<br><br>Distributors<br><br>The Sales Returns and Allowances account is classified as<br><br>Multiple Choice<br><br>u2022<br><br>an asset account.<br><br>u2022<br><br>a contra asset account.<br><br>u2022<br><br>a contra revenue account.<br><br>u2022<br><br>a revenue account.<br><br>The amount used by wholesalers to record sales in the general journal is<br><br>Multiple Choice<br><br>u2022<br>the retail price.<br><br>u2022<br>the net price.<br><br>u2022<br>the list price.<br><br>u2022<br>the original price.<br><br>Which of the following describes the Sales Tax Payable account?<br><br>Multiple Choice<br><br>u2022<br>A liability account with a normal credit balance.<br><br>a credit to Sales for $7,776.00.<br><br>u2022<br>a debit to Accounts Receivable for $7,200.00.<br>ACC 291T Week 1 Apply: Connectu00ae Exercise<br><br>Click on below link to buy<br>https://tutorfortune.com/products/acc-291t-week-1-apply-connect-exercise<br><br>
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ACC 291T Week 1 Apply: Connect® Exercise//tutorfortune.com Click on below link to buy https://tutorfortune.com/products/acc-291t-week-1-apply-connect-exercise A C C 2 9 1 T We e k 1 A p p l y : C o n n e c t ® E x e r c i s e R e v i e w t h e K n o w l e d g e C h e c k i n p r e p a r a t i o n f o r t h i s a s s i g n me n t . C o mp l e t e t h e We e k 1 E x e r c i s e i n C o n n e c t ® . N o t e : Y o u h a v e o n l y o n e a t t e mp t a v a i l a b l e t o c o mp l e t e t h i s a s s i g n me n t . G r a d e s mu s t b e t r a n s f e r r e d ma n u a l l y t o e C a mp u s b y y o u r i n s t r u c t o r . D o n ’ t w o r r y , t h i s mi g h t h a p p e n a f t e r y o u r d u e d a t e I f L a c y ’ s D e p a r t me n t S t o r e c h a r g e s 8 p e r c e n t s a l e s t a x , t h e a mo u n t o f s a l e s t a x c o l l e c t e d o n a $ 5 2 5 s a l e w o u l d b e Mu l t i p l e C h o i c e • $ 4 . 2 0 . • $ 4 2 0 . 0 0 . • $ 4 2 . 0 0 . • $ 5 6 7 . 0 0 . _ _ _ _ _ _ _ _ _ _ _ a r e r e q u i r e d t o c o l l e c t s a l e s t a x f r o m c u s t o me r s , ma k e p e r i o d i c p a y me n t s t o t h e t a x i n g a u t h o r i t y , a n d p a y t h e t a x e s d u e w h e n r e p o r t s a r e fi l e d . Mu l t i p l e C h o i c e •
Wh o l e s a l e r s • R e t a i l e r s • Ma n u f a c t u r e r s • D i s t r i b u t o r s T h e S a l e s R e t u r n s a n d A l l o w a n c e s a c c o u n t i s c l a s s i fi e d a s Mu l t i p l e C h o i c e • a n a s s e t a c c o u n t . • a c o n t r a a s s e t a c c o u n t . • a c o n t r a r e v e n u e a c c o u n t . • a r e v e n u e a c c o u n t . T h e a mo u n t u s e d b y w h o l e s a l e r s t o r e c o r d s a l e s i n t h e g e n e r a l j o u r n a l i s Mu l t i p l e C h o i c e • t h e r e t a i l p r i c e . • t h e n e t p r i c e . •
t h e l i s t p r i c e . • t h e o r i g i n a l p r i c e . Wh i c h o f t h e f o l l o w i n g d e s c r i b e s t h e S a l e s T a x P a y a b l e a c c o u n t ? Mu l t i p l e C h o i c e • A l i a b i l i t y a c c o u n t w i t h a n o r ma l c r e d i t b a l a n c e . a c r e d i t t o S a l e s f o r $ 7 , 7 7 6 . 0 0 . • a d e b i t t o A c c o u n t s R e c e i v a b l e f o r $ 7 , 2 0 0 . 0 0 . A C C 2 9 1 T We e k 1 A p p l y : C o n n e c t ® E x e r c i s e Click on below link to buy https://tutorfortune.com/products/acc-291t-week-1-apply-connect-exercise
