QUESTION 18 Which accounts are effected when a sale is made and sales tax is charged? O Cash, Sales Revenue Accounts Receivable, Sales Tax Receivable, Sales Revenue Cash or Accounts Receivable, Sales Tax Payable, Sales Revenue None of the above QUESTION 19 Which accounts are effected when a product is sold with a warranty obligation and the warranty obligation in recorded? Warranties Expense, Warranties Payable Cash, Warranties Payable Warranty Expense, Cash None of the above QUESTION 16 A loss contingency should be accrued on a company's financial statements only if the likelihood that the liability will be incurred is: Remotely possible and the amount of the loss is known. Probable and the amount of the loss can be reasonably estimated Reasonably possible and the amount of the loss cannot be estimated. Probable but the amount of the loss cannot be estimated. QUESTION 17 Which accounts are effected when the payroll for a company is paid? Salaries & Wages Expense, Salaries & Wages Payable Salaries & Wages Expense, Payroll Liabilities (for various payroll deductions). Cash Employer Payroll Tax Expense, Cash None of the above