Homework Answers
Solution:
| Journal Entries | |||
| Date | Particulars | Debit | Credit |
| 13-Feb | Cash Dr | $10,975.00 | |
| To Sales revenue | $10,000.00 | ||
| To Sales tax payable | $975.00 | ||
| (To record cash sales) | |||
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revenue portion
Required information Known (determinable) current liabilities are set by agreements or laws and are...
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Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. The sale is subject to a 9.75 percent sales tax. Prepare the revenue portion of the February 13 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns View transaction list Journal entry worksheet On February 13, a jewelry store sells an...
On February 13, a jewelry store sells an engagement ring with a sales price of $10,000...
On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. The sale is subject to a 9.75 percent sales tax.
journal Required information Known (determinable) current liabilities are set by agreements or laws and are measurable...
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journal Required information Short term notes payable are current liabilities, most bear interest. When a short te...
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journal Required information Short term notes payable are current liabilities, most bear interest. When a short-te...
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Need help please asap. Royal Gift Shop sells cards, supplies, and various holiday greeting cards. Sales...
Need help please asap.
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On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. The sale is subject to a 9.75 percent sales tax.
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Required information Liabilities for health and pension benefits, warranties, and bonuses are recorded with estimated amounts. These items are recognized as expenses when incurred and matched with revenues generated. Maas, Inc., sells washers and dryers that include a maximum one year warranty covering parts. Past experience shows that warranty expense averages about 2 percent of the selling price of each washer and dryer. Net sales totaled $100,000 during the year ending December 31 Prepare the December 31 adjusting entry for...
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Need help please asap.
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