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Cash sales for Zeviae Inc. in 2020 were $5 million. The majority of sales were subject...
Recording Sales Tax Payable Entries Target Shoppers Inc. reported cash sales of $18,000 for the month...
Recording Sales Tax Payable Entries Target Shoppers Inc. reported cash sales of $18,000 for the month of June 2020. Sales taxes payable are recorded at the point of sale. a. Assume that sales of Target Shoppers Inc. are subject to a 6% sales tax. Record the sales entry. b. Now assume that the cash collected on sales includes the 6% sales tax. Record the sales entry. Dr. Cr. Note: Round your answers to the nearest whole dollar. Note: List multiple...
Record the entries for the following transactions for Shoppers Inc. Shoppers uses a perpetual inventory system...
Record the entries for the following transactions for Shoppers Inc. Shoppers uses a perpetual inventory system and records sales taxes payable at the point of sale. a. On January 1, 2020, Shoppers Inc. purchased merchandise for resale for $63,000 on credit terms 1/15, n/30. Shoppers Inc. incurred a shipping charge of $324 on the purchase, which was immediately paid. Shoppers Inc. uses the gross method to record purchases. b. Shoppers Inc. sells $25,200 of inventory during the first week of...
The face value of commercial paper borrowings at December 31, 2020, was $5 million. The six-month...
The face value of commercial paper borrowings at December 31, 2020, was $5 million. The six-month loan originated on September 1, 2020. a. Prepare the journal entry for issuance of the loan on September 1, 2020, assuming that the loan is discounted at 5.7%. Hint: Discount on Note Payable is equal to 6 months of interest. b. Prepare the adjusting entry at December 31, 2020. Amortize the discount on the note using the straight-line method. c. Prepare the entry to...
Capitol Chimney Co. had sales on account of $30,500 which were subject to state sales tax...
Capitol Chimney Co. had sales on account of $30,500 which were subject to state sales tax of 8 %. The entry to record the sales would be to: A. debit Accounts Receivable, $30,500; debit Sales tax payable, $2,440; credit Sales revenue, $32,940 O B. debit Accounts Receivable, $32,940; credit Sales revenue, $30,500; credit Sales tax payable, $2,440 O C. debit Accounts Receivable, $32,940; credit Sale revenue, $32,940 D. debit Accounts Receivable, $30,500; credit Sales revenue, $30,500. OOOO
ding inte ming Note Payable che On August 31, 2020, Pine Company issued a 9-month, 12%...
ding inte ming Note Payable che On August 31, 2020, Pine Company issued a 9-month, 12% note payable to National Bank in the amount of $810,000. Interest is due at maturity. Record the entries for Pine Company on the following dates. a. Issuance of the note on August 31, 2020. b. Adjusting entry on December 31, 2020, Pine Company's fiscal year-end. c. Payment of the note payable on May 31, 2021. Note: List multiple debits or credits (when applicable) in...
2. Credit sales were made in the amount of $400,000. Cash sales were made in the...
2. Credit sales were made in the amount of $400,000. Cash sales were made in the amount of $200,000. Collections on accounts amounted to $300,000. Bad Debt rate is 5%. Company uses percent of sale method. Book entry to recognize bad debts.
Recording Assurance-Type Warranty Liability Finisher Inc. sells merchandise for $450,000 in 2020 that includes a three-year...
Recording Assurance-Type Warranty Liability Finisher Inc. sells merchandise for $450,000 in 2020 that includes a three-year limited warranty, Warranty costs are estimated to be 19 of sales. The company incurred actual costs of $1,440 in 2020 related to the warranties. a. Record the warranty accrual at the time of sale in 2020. b. Record the adjustment to the warranty accrual for actual warranty costs in 2020. Account Name Cr. . 0 0 D 0 b. 0 0 E pepe cen...
Credit sales were made in the amount of $400,000. Cash sales were made in the amount of $200,000. Collections on accoun...
Credit sales were made in the amount of $400,000. Cash sales were made in the amount of $200,000. Collections on accounts amounted to $300,000. Bad Debt rate is 5%. Company uses percent of sale method. Book entry to recognize bad debts.
Greenspan Supply does not segregate sales and sales taxes at the time of sale. The register...
Greenspan Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,165. All sales are subject to a 7 % sales tax Compute sales taxes payable. Sales taxes payable Make the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Debit Credit Mar. 16 Cash Sales Revenue Sales Taxes Payable
A cash register tape shows cash sales of $9800 and sales taxes of $490. The journal...
A cash register tape shows cash sales of $9800 and sales taxes of $490. The journal entry to record this information is Cash 9800 Sales Revenue 9800 Cash 10290 Sales Revenue 9800 Sales Taxes Payable 490 Cash 10290 Sales Tax Revenue 490 Sales Revenue 9800 Cash 9800 Sales Tax Expense 490 Sales Revenue 10290
Recording Sales Tax Payable Entries Target Shoppers Inc. reported cash sales of $18,000 for the month of June 2020. Sales taxes payable are recorded at the point of sale. a. Assume that sales of Target Shoppers Inc. are subject to a 6% sales tax. Record the sales entry. b. Now assume that the cash collected on sales includes the 6% sales tax. Record the sales entry. Dr. Cr. Note: Round your answers to the nearest whole dollar. Note: List multiple...
Record the entries for the following transactions for Shoppers Inc. Shoppers uses a perpetual inventory system and records sales taxes payable at the point of sale. a. On January 1, 2020, Shoppers Inc. purchased merchandise for resale for $63,000 on credit terms 1/15, n/30. Shoppers Inc. incurred a shipping charge of $324 on the purchase, which was immediately paid. Shoppers Inc. uses the gross method to record purchases. b. Shoppers Inc. sells $25,200 of inventory during the first week of...
The face value of commercial paper borrowings at December 31, 2020, was $5 million. The six-month loan originated on September 1, 2020. a. Prepare the journal entry for issuance of the loan on September 1, 2020, assuming that the loan is discounted at 5.7%. Hint: Discount on Note Payable is equal to 6 months of interest. b. Prepare the adjusting entry at December 31, 2020. Amortize the discount on the note using the straight-line method. c. Prepare the entry to...
Capitol Chimney Co. had sales on account of $30,500 which were subject to state sales tax of 8 %. The entry to record the sales would be to: A. debit Accounts Receivable, $30,500; debit Sales tax payable, $2,440; credit Sales revenue, $32,940 O B. debit Accounts Receivable, $32,940; credit Sales revenue, $30,500; credit Sales tax payable, $2,440 O C. debit Accounts Receivable, $32,940; credit Sale revenue, $32,940 D. debit Accounts Receivable, $30,500; credit Sales revenue, $30,500. OOOO
ding inte ming Note Payable che On August 31, 2020, Pine Company issued a 9-month, 12% note payable to National Bank in the amount of $810,000. Interest is due at maturity. Record the entries for Pine Company on the following dates. a. Issuance of the note on August 31, 2020. b. Adjusting entry on December 31, 2020, Pine Company's fiscal year-end. c. Payment of the note payable on May 31, 2021. Note: List multiple debits or credits (when applicable) in...
2. Credit sales were made in the amount of $400,000. Cash sales were made in the amount of $200,000. Collections on accounts amounted to $300,000. Bad Debt rate is 5%. Company uses percent of sale method. Book entry to recognize bad debts.
Recording Assurance-Type Warranty Liability Finisher Inc. sells merchandise for $450,000 in 2020 that includes a three-year limited warranty, Warranty costs are estimated to be 19 of sales. The company incurred actual costs of $1,440 in 2020 related to the warranties. a. Record the warranty accrual at the time of sale in 2020. b. Record the adjustment to the warranty accrual for actual warranty costs in 2020. Account Name Cr. . 0 0 D 0 b. 0 0 E pepe cen...
Greenspan Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,165. All sales are subject to a 7 % sales tax Compute sales taxes payable. Sales taxes payable Make the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Debit Credit Mar. 16 Cash Sales Revenue Sales Taxes Payable
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