Question

Analyze different business transactions to determine the applicable sales taxes that should be applied to the transactions.

Answer 1

Answer:

Analysis of business transactions is a mental process which includes the following four steps:

Ascertaining the accounts involved in the transaction.

Ascertaining the nature of accounts involved in the transaction.

Determining the effects in terms of increase and decrease.

Applying the rules of debit and credit.

Explanation:

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