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Bilal market has collected $2,700 in sales taxes during April. If sales taxes must be remitted to the government monthly, what entry will Bilal market
Bilal market has collected $2,700 in sales taxes during April. If sales taxes must be remitted to the government monthly, what entry will Bilal market make to show the April remittance? A. Sales Taxes Payable....... 2,700 Cash..... 2,700 B. Sales Tax Expense.. 2,700 Cash.... 2,700 C. Sales Tax Expense. 2,700 Sales Taxes Payable 2,700 D. No entry required. Select one: O Option A Option B Optionc O Option D At December 31, 2020, the trading securities for Red, Inc. are as follows: Security Cost Fair Value $180,000 $186,000 Y 300,000 280,000 z 61,000 55,000 Red should report the following amount related to the securities in its 2020 income statement: Select one: $26,000 unrealized loss. $20,000 unrealized gain. $20,000 unrealized loss. $6,000 gain
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