Robinson Company had cash sales of $ 8,500 on May 3. Robinson collected an additional $ 250 of sales tax from customers, for total cash collected of $ 8,750. What would Robinson record as sales revenue for the day?

What type of account is Current Portion of Long-Term Debt?
A.
Liability

B.
Asset

C.
Expense

D.
Revenue

All contingent liabilities should be reported on the financial statements, even those that are unlikely to occur.
A.
True

B.
False

What type of account is Unearned Revenue?


A.
Revenue

B.
Asset

C.
Liability

D.
Expense

Rector Company had cash sales of $ 10,000 on May 3. Rector collected an additional $ 500 of sales tax from customers, for total cash collected of $ 10,500. What would Rector record as sales revenue for the day?

A. $500

B. $10,500

C. $10,000

D. $ 9, 500

Robinson Company had cash sales of $ 8,500 on May 3. Robinson collected an additional $ 250 of sales tax from customers, for total cash collected of $ 8,750. What would Robinson record as sales revenue for the day?

A.$8,500

B. $8,250

C. $250

D. $ 8,750

Purchasing merchandise inventory on account results in a liability.
A. True

B.
False

The issuance of a short-term note payable to purchase inventory will reduce both assets and liabilities on the date of issuance.

A. True

B. False