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1. Tiger Company had daily receipts of $21,400 which included a 7% sales tax. Which of...

1. Tiger Company had daily receipts of $21,400 which included a 7% sales tax. Which of the following would be in the journal entry?

A. A credit to Sales Tax Payable for $1,400

B. A credit to Sales Tax Payable for $1,498

C. A credit to Sales Tax Expense for $1400

D A credit to Sales Tax Expense for $1,498

2. A client paid $5,000 for services to be rendered over the 4 months of June through September. If the receiving company prepares financial statements on June 30th, what should be the balance in Unearned Revenue?

A. $0

B. $1,250
C. $3,750
D. $5,000

3. Employer payroll tax expense does not include which of the following?

A. Federal Unemployment Taxes
B. State Unemployment Taxes
C. FICA Taxes

D. Federal Income Tax Withholdings

4. When the market rate of interest exceeds the stated rate, bonds will sell at:

A. Par
B. A discount
C. A premium

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