1) Tax collected on the sale of retail goods is recorded as a liability on the

1) Tax collected on the sale of retail goods is recorded as a liability on the books of the seller.
2) It is not necessary to record sales tax on credit sales since none was actually collected.3) Sales discounts on credit sales can benefit a seller by decreasing the delay in receiving cash and reducing future collections efforts.4) A merchandiser buys and sells merchandise in order to make a profit.
5) A wholesaler acts as an intermediary between manufacturers and retailers.6) A company records the following journal entry: debit Cash $1470 debit Sales Discounts $30 and credit Accounts Receivable $1500. This means that
a customer has taken a ___ cash discount for early payment.
7)

A shoe store decided to sell of some of their excess office supplies. Which journal should this transaction be recorded in?
8)Nelson Inc. sold merchandise to Ballard Corp a retailer on credit. Ballard is not subject to sales tax because he is
not the end user of the item purchased. In which journal should Nelson record this sale? 9) The sales journal is used for recording: