Homework Answers
| The Journal entry will be: | |||
| Cash | $264 | ||
| Sales Revenue | $240 | ||
| Sales Tax payable | $24 | ||
| So Option B is answer |
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0.6 p Question 8 A company receives $264, of which $24 is for sales tax. The...
37. The Route 66 Gift Shop, which records sales and sales tax separately, had sales on...
37. The Route 66 Gift Shop, which records sales and sales tax separately, had sales on account of $1,500 and cash sales of $1,000. The state sales tax is 8%. The journal entry to record the sales would include a: A. Debit to Sales Tax Payable for $75. B. Debit to Cash of $1,000. C. Credit to Sales Revenue of $2,700. D. Debit to Accounts Receivable of $1,620 and a debit to Cash of $1,080.
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
Revaluation Magazine receives $90 in advance from a customer for a 3-year subscription. Revaluation Magazine's entry...
Revaluation Magazine receives $90 in advance from a customer for a 3-year subscription. Revaluation Magazine's entry to record this transaction would include: O A. debit to Unearned Subscription Revenue for $90 B. credit to Unearned Subscription Revenue for $90 C. credit to Subscription Revenue for $90 OD. debit to Subscription Revenue for $90 An accrued expense is an expense incurred by the company but not yet paid in cash. True O False Dreams Take Flight Ltd. includes the sales tax...
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...
gased on the following data for the current year, what is the acounts receivable turnover? Sales...
gased on the following data for the current year, what is the acounts receivable turnover? Sales on account during year Cost of merchandise sold during year Accounts receivable, beginning of year Accounts receivable, end of year Inventory, beginning of year Inventory, end of year $584,000 300,000 45,000 35,000 90,000 110,000 a) 7.3 b) 2.5 c) 25 d) 14.6 41) Current liabilities are a) Due and receivable within one year b) Due, but not payable for more than one year c)...
During November, Wireless, Inc., makes a $1,800 credit sale excluding sales tax. The state sales tax...
During November, Wireless, Inc., makes a $1,800 credit sale excluding sales tax. The state sales tax rate is 5 % and the local sales tax rate is 1.50 % Record sales revenue and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest dollar amount.) View transaction list Journal entry worksheet Record sales revenue and sales tax...
23) Zorn Inc. makes a sale for $450. The company is required to collect sales taxes...
23) Zorn Inc. makes a sale for $450. The company is required to collect sales taxes amounting to 10%. When recording this sale, Zorn will A) debit Cash for $450. B) debit Sales Tax Payable for $45. C) debit Sales Tax Expense for $45. D) credit Sales Revenue for $495 E) credit Sales Revenue for $450. 24) On August 1, 2019, Paige's Dance Company borrows $45,000 from Adirondack Bank on a 9-month, 6% note. The adjusting journal entry to accrue...
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...
Question 11 (0.5 points) Enochs Sporting Goods made cash sales of merchandise with a retail price...
Question 11 (0.5 points) Enochs Sporting Goods made cash sales of merchandise with a retail price of $3,000 on a Saturday and collected a 5% sales tax. The journal entry to record the sales and collection of the sales tax is O debit Sales Revenue $3,000; debit Sales Tax Payable $150; credit Cash $3,150. debit Sales Revenue $3,150; credit Cash $3,000; credit Sales Tax Payable $150. debit Cash $3,150; credit Sales Revenue $3,000; credit Sales Tax Payable $150. debit Cash...
Help Cantrell Company is required by law to collect and remit sales taxes to the state....
Help Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $6,000 of cash sales that are subject to an 10% sales tax, what is the journal entry to record the cash sales? Save & Exit Multiple Choice Debit Cash $6,000 credit Sales $5,400, credit Sales Taxes Payable $600 Debit Cash $5,000, credit Sales $6,000, and record the taxes when paid. Debit Cash $6,600.credit Sales $6.000.credit Sales Taxes Payable $600. * $5,000:...
37. The Route 66 Gift Shop, which records sales and sales tax separately, had sales on account of $1,500 and cash sales of $1,000. The state sales tax is 8%. The journal entry to record the sales would include a: A. Debit to Sales Tax Payable for $75. B. Debit to Cash of $1,000. C. Credit to Sales Revenue of $2,700. D. Debit to Accounts Receivable of $1,620 and a debit to Cash of $1,080.
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
Revaluation Magazine receives $90 in advance from a customer for a 3-year subscription. Revaluation Magazine's entry to record this transaction would include: O A. debit to Unearned Subscription Revenue for $90 B. credit to Unearned Subscription Revenue for $90 C. credit to Subscription Revenue for $90 OD. debit to Subscription Revenue for $90 An accrued expense is an expense incurred by the company but not yet paid in cash. True O False Dreams Take Flight Ltd. includes the sales tax...
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...
gased on the following data for the current year, what is the acounts receivable turnover? Sales on account during year Cost of merchandise sold during year Accounts receivable, beginning of year Accounts receivable, end of year Inventory, beginning of year Inventory, end of year $584,000 300,000 45,000 35,000 90,000 110,000 a) 7.3 b) 2.5 c) 25 d) 14.6 41) Current liabilities are a) Due and receivable within one year b) Due, but not payable for more than one year c)...
During November, Wireless, Inc., makes a $1,800 credit sale excluding sales tax. The state sales tax rate is 5 % and the local sales tax rate is 1.50 % Record sales revenue and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest dollar amount.) View transaction list Journal entry worksheet Record sales revenue and sales tax...
23) Zorn Inc. makes a sale for $450. The company is required to collect sales taxes amounting to 10%. When recording this sale, Zorn will A) debit Cash for $450. B) debit Sales Tax Payable for $45. C) debit Sales Tax Expense for $45. D) credit Sales Revenue for $495 E) credit Sales Revenue for $450. 24) On August 1, 2019, Paige's Dance Company borrows $45,000 from Adirondack Bank on a 9-month, 6% note. The adjusting journal entry to accrue...
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...
Question 11 (0.5 points) Enochs Sporting Goods made cash sales of merchandise with a retail price of $3,000 on a Saturday and collected a 5% sales tax. The journal entry to record the sales and collection of the sales tax is O debit Sales Revenue $3,000; debit Sales Tax Payable $150; credit Cash $3,150. debit Sales Revenue $3,150; credit Cash $3,000; credit Sales Tax Payable $150. debit Cash $3,150; credit Sales Revenue $3,000; credit Sales Tax Payable $150. debit Cash...
Help Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $6,000 of cash sales that are subject to an 10% sales tax, what is the journal entry to record the cash sales? Save & Exit Multiple Choice Debit Cash $6,000 credit Sales $5,400, credit Sales Taxes Payable $600 Debit Cash $5,000, credit Sales $6,000, and record the taxes when paid. Debit Cash $6,600.credit Sales $6.000.credit Sales Taxes Payable $600. * $5,000:...
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