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10. Sales taxes payable is credited and cash is debited when firms send sales taxes collected from customers to the government FALSE 11. Known liabilities

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10. Sales taxes payable is credited and cash is debited when firms send sales taxes collected from customers to the government FALSE 11. Known liabilities are agreements, contracts, or laws that are measurable and have little uncertainty. TRUE 12. The Toronto Raptors received $6 million in season ticket sales. Prior to the beginning of the basketball season, these sales are recorded as a credit to unearned season ticket revenue. TRUE 13. Gross pay is the same as net pay. FALSE

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