Homework Answers
Option B
.
Debit : Cash 95
Debit : Cash short and over 5
Credit : Sales 100
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Suppose that there was a cash sale for $100, but the sales associate only collected $95....
Record the journal entry for Sales and for Cash Over and Short for each of the...
Record the journal entry for Sales and for Cash Over and Short for each of the following separate situations. a. The cash register's record shows $540 of cash sales, but the count of cash in the register is $574. b. The cash register's record shows $1124 of cash sales, but the count of cash in the register is $1,092 View transaction list Journal entry worksheet 1 2 > The cash register's record shows 5540 of cash sales, but the count...
Mar Apr. 31 Recorded cash sales of $160,000, plus sales tax of 8% collected for the...
Mar Apr. 31 Recorded cash sales of $160,000, plus sales tax of 8% collected for the state of New Jersey. 6 Sent March sales tax to the state. Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar, 31: Recorded cash sales of $160,000, plus sales tax of 8% collected for the state of New Jersey. (Prepare a single compound entry...
Question 6 (10 points) A company received cash sales of $15000. They also collected $43000 in...
Question 6 (10 points) A company received cash sales of $15000. They also collected $43000 in receivat during the month. Answer questions 4 to 6 with this information. 5. What is the journal entry for the collection of the sales? Debit Sales and Credit Expense Credit Sales and Debit Expense Debit Sales and Credit Cash Debit Cash and Credit Sales Question 7 (10 points) A company received cash sales of $15000. They also collected $43000 in receivables during the month....
During December, Far West Services makes a $5,200 credit sale. The state sales tax rate is 6% and the local sales tax...
During December, Far West Services makes a $5,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale including the sales tax. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal...
On November 30, 2019, Tate Company collected cash of $4,500 for services to be performed for...
On November 30, 2019, Tate Company collected cash of $4,500 for services to be performed for the customer evenly over the next three months beginning December 1, 2019. The most appropriate journal entry to record this transaction on November 30th is debit Cash and credit Prepaid Service Revenue for $4,500 debit Cash and credit Unearned Revenue for $4,500. debit Unearned Revenue and credit Cash for $4,500. debit Cash and credit Service Revenue for $4.500.
2 At the end of the day, the cash register tape shows $1,180 in cash sales...
2
At the end of the day, the cash register tape shows $1,180 in cash sales but the count of cash in the register is $1,235. The proper entry to account for this excess is: Multiple Choice ( Debit Cosh $1180; credit Sales $1,180. O Debit Cash $1,235; credit Sales $1.235. ( Debit Cash $1,235, credit Sales $1180; credit Cash Over and Short $55. Debit Cash $1,180; debit Cash Over and Short for $55; credit Sales $1.235. Debit Cash Over...
Question: Cash Receipts 25% of sales are in cash and collected in the month the sale...
Question: Cash Receipts 25% of sales are in cash and collected in the month the sale is made and 75% are on credit and collected in the month after the sale. December 2017 sales were $3 million. The sales forecast for 2018 is as follows: January 2,800,000 February 2,500,000 March 3,200,000 April 3,400,000 May 3,600,000 June 3,600,000 July 3,800,000 August 4,000,000 September 3,600,000 October 3,400,000 November 2,800,000 December 2,600,000 Cash Disbursements The disbursements for this firm are as follows: Payments...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
At the end of the day, the cash register's record shows $1,254, but the count of...
At the end of the day, the cash register's record shows $1,254, but the count of cash in the cash register is $1,247. The correct entry to record the cash sales is Multiple Choice Debit Cash $1,247; debit Cash Over and Short $7; credit Sales $1,254. Debit Cash $1,247; Credit Sales $1,247. Debit Cash $1,254; credit Sales $1,254. Debit Cash $1,254; credit Cash Over and Short $1,247; credit Sales $7. Debit Cash Over and Short $7, credit Sales $7.
During December, Rainey Equipment made a $744,000 credit sale. The state sales tax rate is 6 % and the local sales...
During December, Rainey Equipment made a $744,000 credit sale. The state sales tax rate is 6 % and the local sales tax rate is 1.5 % . Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet K 1 Record the credit sale. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal
Record the journal entry for Sales and for Cash Over and Short for each of the following separate situations. a. The cash register's record shows $540 of cash sales, but the count of cash in the register is $574. b. The cash register's record shows $1124 of cash sales, but the count of cash in the register is $1,092 View transaction list Journal entry worksheet 1 2 > The cash register's record shows 5540 of cash sales, but the count...
Mar Apr. 31 Recorded cash sales of $160,000, plus sales tax of 8% collected for the state of New Jersey. 6 Sent March sales tax to the state. Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar, 31: Recorded cash sales of $160,000, plus sales tax of 8% collected for the state of New Jersey. (Prepare a single compound entry...
Question 6 (10 points) A company received cash sales of $15000. They also collected $43000 in receivat during the month. Answer questions 4 to 6 with this information. 5. What is the journal entry for the collection of the sales? Debit Sales and Credit Expense Credit Sales and Debit Expense Debit Sales and Credit Cash Debit Cash and Credit Sales Question 7 (10 points) A company received cash sales of $15000. They also collected $43000 in receivables during the month....
During December, Far West Services makes a $5,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale including the sales tax. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal...
On November 30, 2019, Tate Company collected cash of $4,500 for services to be performed for the customer evenly over the next three months beginning December 1, 2019. The most appropriate journal entry to record this transaction on November 30th is debit Cash and credit Prepaid Service Revenue for $4,500 debit Cash and credit Unearned Revenue for $4,500. debit Unearned Revenue and credit Cash for $4,500. debit Cash and credit Service Revenue for $4.500.
2
At the end of the day, the cash register tape shows $1,180 in cash sales but the count of cash in the register is $1,235. The proper entry to account for this excess is: Multiple Choice ( Debit Cosh $1180; credit Sales $1,180. O Debit Cash $1,235; credit Sales $1.235. ( Debit Cash $1,235, credit Sales $1180; credit Cash Over and Short $55. Debit Cash $1,180; debit Cash Over and Short for $55; credit Sales $1.235. Debit Cash Over...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
During December, Rainey Equipment made a $744,000 credit sale. The state sales tax rate is 6 % and the local sales tax rate is 1.5 % . Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet K 1 Record the credit sale. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal
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