U per Problem 7 Decide whether each of the following statements is true or false, 1. Balance sheet accounts are the revenue and expense accounts 2. Land is a depreciable fixed asset in the hospitality industry 1. If a guest tab shows food at $40 and sales tax of $2.40, the amount recorded as a sale will be $42.40 4. If a guest orders a $2,000 banquet and pays $2,000 on the banquet to be scheduled net month, a sale of $2,000 is recorded. 5. Storeroom purchases under a periodic inventory system are recorded to an Inventory account 0. Direct purchases under a periodic inventory system are recorded to a Cost of Sales account 7. Accumulated Depreciation is an expense account. guest tab shows food at $80 and sales tax of $4.80; the guest pays with an in-house credit card. The $80 amount cannot be t 9. Food used is the same as cost of food sold. 10. The income statement ac ities + Equity ement accounts do not affect the accounting equation: Assets = Liabil