On 10/30, Burger King's had a $100,000 ending balance in their sales tax payable account. The next day, Burger King wrote a check(cash) in the amount of $100,000 to the governing authority for the sales taxes they collected, which resulted in which of the following.Assets decrease and liabilities decrease.Assets decrease and expenses decrease.Assets increase and labilities decrease.Assets decrease and expenses increase.O Assets decrease and stockholders' equity increase.O Assets increase and stockholders' equity decrease.

Journal entry is the process of recording the business transactions in the books of accounts for the…

On 10/30, Burger King's had a $100,000 ending balance in their sales tax payable account. The next day, Burger King wrote a check (cash) in the amount of $100,000 to the governing authority for the sales taxes they collected, which resulted in which of the following. Assets decrease and labilities decrease. Assets decreace and expenses decrease. Assets increase and labilities decrease. Assets decrease and expenses increase. Assets decrease and stockholders' equity increase. Assets increase and stockholders' equity decrease.

On 10/30, Burger King's had a $100,000 ending balance in their sales tax payable account. The next day, Burger King wrote a check (cash) in the amount of $100,000 to the governing authority for the sales taxes they collected, which resulted in which of the following. Assets decrease and labilities decrease. Assets decreace and expenses decrease. Assets increase and labilities decrease. Assets decrease and expenses increase. Assets decrease and stockholders' equity increase. Assets increase and stockholders' equity decrease.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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