Asked by Kayla Olson on Jul 19, 2024
Verified
The seller records the sales tax as part of the sales amount.
Sales Tax
A tax imposed by a government on the sale of goods and services, typically a percentage of the retail price paid by the consumer.
- Understand the role of sales tax in sales transactions and its recording.
Verified Answer
YB
YUVRAJ BHANDARIJul 23, 2024
Final Answer :
False
Explanation :
The seller records the sales tax separately from the sales amount because the sales tax collected is a liability owed to the government, not part of the revenue from sales.
Learning Objectives
- Understand the role of sales tax in sales transactions and its recording.
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