Question
Please help with the following questions 1. Two categories of expenses on the income statement of a merchandising company are? a. cost of goods sold
Please help with the following questions
1. Two categories of expenses on the income statement of a merchandising company are?
a. cost of goods sold and finacing expenses
b. operating expense and finacining expenses
c.cost of good sold and operating expenses
d. other expenses and cost of good sold
2. Boxer Inc sells a product to a customer for a cash price of $1,000, and collects 10% sales tax. Boxers journal entry to record the transaction is
a. credit cash 1000 and debit sales 1000
b. debit cash 1100 and credit sales 1100
c.debit cash 1100 and credit sales 1000, and credit sales tax payable 100
d.debit cash 1100 and credit sales 1000 and credit sales tax expense 100
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