Exercise 13-5 During the month of June, Sage Boutique had cash sales of $183,750 and credit...
Exercise 13-5
During the month of June, Sage Boutique had cash sales of
$183,750 and credit sales of $117,075, both of which include the 5%
sales tax that must be remitted to the state by July 15.
Prepare the adjusting entry that should be recorded to fairly
present the June 30 financial statements. (If no entry
is required, select "No Entry" for the account titles and enter 0
for the amounts. Credit account titles are automatically indented
when amount is entered. Do not indent manually.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
| June 30 |
|
|
|
|
|
|
|
Homework Answers
Adjusting Entry:
![Credit Date June 30 Account title and Explanation Debit Sales revenue $14,325 Sales tax payable [To record sales tax] $14,325](http://img.homeworklib.com/questions/7aa43c10-705f-11ea-871c-0bcfafbcac31.png?x-oss-process=image/resize,w_560)
Calculations:
Total sales = Cash sales + Credit sales
= $183,750+$117,075
= $300,825
Sales tax payable = $300,825 x (5/105)
= $14,325
Add Answer to:
Exercise 13-5
During the month of June, Sage Boutique had cash sales of
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for the amounts. Credit account titles are automatically indented
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Exercise 13-05
During the month of June, Teal Boutique recorded cash sales of
$248,850 and credit sales of $179,655, both of which include the 5%
sales tax that must be remitted to the state by July 15.
Prepare the adjusting entry that should be recorded to fairly
present the June 30 financial statements. (If no entry
is required, select "No Entry" for the account titles and enter 0
for the amounts. Credit account titles are automatically indented
when amount is...
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Exercise 15-12
Sage Corporation has 12.50 million shares of common stock issued
and outstanding. On June 1, the board of directors voted an 76
cents per share cash dividend to stockholders of record as of June
14, payable June 30.
Prepare the journal entries for each of the dates above
assuming the dividend represents a distribution of earnings.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry"...
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