1.All of the following are reported as assets except *

Accounts receivable

Notes receivable

Prepaid Expense

Taxes payable

2.XYZ Company received $42,000 not including sales taxes. If the sales tax rate is 3%, what is XYZ Company's sales taxes payable for the month? *

$1,223

$1,260

$40,777

$42,000

3.A company receives $1,000, of which $100 is for sales tax. The journal entry to record the sale would include a *

Credit to Sales Revenue for $900

Debit to Sales Revenue for $900

Debit to Sales Revenue for $1,000

Credit to Sales revenue for $1,000

4.The maturity date of a 3-month interest bearing note dated March 31, 2020 is *

April 30, 2020

May 31, 2020

June 30, 2020

July 31, 2020