Homework Answers
The entry would be.
| Cash | 33600 | |
| Sales revenue | 32,000 | |
| Sales tax payable (32000*5%) | 1600 |
Option C is the answer
Add Answer to:
Kathy's Corner Store has total cash sales for the month of $32,000 excluding sales taxes. If...
I need help with a few accounting questions Kathy's Corner Store has total cash sales for...
I need help with a few accounting questions
Kathy's Corner Store has total cash sales for the month of $37,000 excluding sales taxes. If the sales tax rate is 3%, which journal entry is needed? (Ignore Cost of Goods Sold.) O A. debit Cash $38,110, credit Sales Revenue $38,110 O B. debit Cash $38,110, credit Sales Revenue $37,000 and credit Sales Tax Payable $1,110 C. debit Cash $35,890, debit Sales Tax Receivable for $1,110 and credit Sales Revenue for $37,000...
New Store has the following information at August 31 . Two deposits made on August 31...
New Store has the following information at August 31 . Two deposits made on August 31 were not on the bank statement, totaling $5.700 • The bank collected an EFT payment on a note receivable for $2.750 of this amount. $150 represented interest on the Hote. August 31 balance in Cash was $12,577. . The bookkeeper forgot to record check #1578 for $843 which was cashed by the bank on August 15th • The balance on the bank statement as...
Accounting help Illinois Bank lends Lisle Furniture Company $70,000 on December 1. Lisle Furniture Company signs...
Accounting help
Illinois Bank lends Lisle Furniture Company $70,000 on December 1. Lisle Furniture Company signs a $70,000, 9%, 4-month note. The total cash paid at maturity of the note is: (Round your final answer to the nearest dollar.) O A. $73,150. O B. $76,300. OC. $72,100 OD. $70,000 Kathy's Corner Store has total cash sales for the month of $37,000 excluding sales taxes. If the sales tax rate is 3%, which journal entry is needed? (Ignore Cost of Goods...
Slate Corner Shoppe is a local convenience store with the following information: (Click the icon to view the informatio...
Slate Corner Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Read the requirements. Requirement 1. Prepare the sales budget for November and December. Slate Corner Shoppe Sales Budget For the Months of November and December November December Cash sales Credit sales Total sales • October sales were $220,000. Sales are projected to go up by 15% in November (from the October sales) and another 30% in December (from the November sales)...
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...
Furniture World is required by law to collect and remit sales taxes to the state. If...
Furniture World is required by law to collect and remit sales taxes to the state. If Furniture World has $78,000 of cash sales that are subject to a 6% sales tax, what is the journal entry to record the cash sales? Multiple Choice Debit Cash $82,680; credit Sales $78,000; credit Sales Taxes Payable $4,680. Debit Sales Taxes Payable $4,680; debit Cash $73,220; credit Sales $78,000. Debit Cash $78,000; credit Sales $78,000; and record the taxes when paid. Debit Cash $78,000;...
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...
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:...
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...
Yams Unlimited has total payroll of $60,000 for the month of September. The income taxes to...
Yams Unlimited has total payroll of $60,000 for the month of September. The income taxes to be withheld are $12,000 and FICA taxes are $4,590. What is the journal entry Yams should record for the payroll? a) Debit Income tax payable 12,000 Debit FICA tax payable 4,590 Debit Salaries payable 43,410 Credit Salaries expense 60,000 b) Debit Salaries expense 60,000 Credit Income tax payable 12,000 Credit FICA tax payable 4,590 Credit Salaries payable 43,410 c) Debit Salaries expense 60,000 Credit...
I need help with a few accounting questions
Kathy's Corner Store has total cash sales for the month of $37,000 excluding sales taxes. If the sales tax rate is 3%, which journal entry is needed? (Ignore Cost of Goods Sold.) O A. debit Cash $38,110, credit Sales Revenue $38,110 O B. debit Cash $38,110, credit Sales Revenue $37,000 and credit Sales Tax Payable $1,110 C. debit Cash $35,890, debit Sales Tax Receivable for $1,110 and credit Sales Revenue for $37,000...
New Store has the following information at August 31 . Two deposits made on August 31 were not on the bank statement, totaling $5.700 • The bank collected an EFT payment on a note receivable for $2.750 of this amount. $150 represented interest on the Hote. August 31 balance in Cash was $12,577. . The bookkeeper forgot to record check #1578 for $843 which was cashed by the bank on August 15th • The balance on the bank statement as...
Accounting help
Illinois Bank lends Lisle Furniture Company $70,000 on December 1. Lisle Furniture Company signs a $70,000, 9%, 4-month note. The total cash paid at maturity of the note is: (Round your final answer to the nearest dollar.) O A. $73,150. O B. $76,300. OC. $72,100 OD. $70,000 Kathy's Corner Store has total cash sales for the month of $37,000 excluding sales taxes. If the sales tax rate is 3%, which journal entry is needed? (Ignore Cost of Goods...
Slate Corner Shoppe is a local convenience store with the following information: (Click the icon to view the information.) Read the requirements. Requirement 1. Prepare the sales budget for November and December. Slate Corner Shoppe Sales Budget For the Months of November and December November December Cash sales Credit sales Total sales • October sales were $220,000. Sales are projected to go up by 15% in November (from the October sales) and another 30% in December (from the November sales)...
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...
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...
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:...
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...
Most questions answered within 3 hours.
-
Market segments that can be effectively reached and served are
said to be ________.
measurable
profitable...
asked 6 seconds from now -
For this lab, you will be writing search algorithms. I
have provided method signatures for you...
asked 21 seconds ago -
1. What form of energy do cells rely on most to carry out
important processes?
2....
asked 1 minute ago -
On January 1, 2021, the Allegheny Corporation purchased
equipment for $331,000. The estimated service life of...
asked 4 minutes ago -
The first-order reaction C4H8→2C2H4 has the reaction constant k
of 7.60×10−3 s−1. If the initial concentration...
asked 9 minutes ago -
A real object is located 20.6 cm from a diverg- ing lens of
focal length 38.5...
asked 10 minutes ago -
TRUE OR FALSE
When an investor uses futures in a market timing strategy, the
only objective...
asked 12 minutes ago -
1..Research the microorganisms listed below. List the full
taxonomy (phylum, class, order, family, genus, species) of...
asked 12 minutes ago -
Suppose the gold spot price is $300/oz., the 1-year forward
price is $310.686, and the continuously...
asked 19 minutes ago -
46.3 mL of a 0.0999 M solution of this acid (HOOC-(CH2)2-COOH)
is titrated to the equivalence...
asked 14 minutes ago -
What is the difference between steady-state and equilibrium? Be
sure to include three properties of each...
asked 16 minutes ago -
A super-roach Bob is moving at a constant speed in a circular
path on the frying...
asked 17 minutes ago