4 sales tax or so is in effect for a company. The company sells a...
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4 sales tax or so is in effect for a company. The company sells a product on credit. The before a price of the product 532,000. The company records that sales amount in the sales account at the time of sale. Which of the following are correct if the required adjusting entry is shipped Sales revenue is understated by 51,600 (i) Sales revenue is overstated by $1,600 40 Sales Taxes Payable understated by $1,600 (iv) Sales Taxes Payable is overstated by $1,600 A and 0 and (v () and ( Wand (iv)
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