1. accrued expenses and revenues must be given recognition when financial statements are prepared.TRUE OR FALSE

2. Charlies Pizza collected $150 in sales tax for the quarter. Which of the following accounts should be used in order to post the sales tax? A- Only Sales Taxes Payable. B- Sales tax should not be recorded. C- Both Sales Taxes Payable and Sales Tax Expense. D- Both Sales Taxes Payable and Cash. E- Both Income and Sales Tax Expense.