Homework Answers
| Accounts Receivable | 2247 | |
| Sales revenue | 2100 | |
| Sales tax payable (2100*7%) | 147 |
Option C is the answer
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sales tax The entry in the general journal will include a debit to Hour Place Clock...
Kay Sadia sold merchandise for $8,450 subject to a 8% sales tax. The entry in the...
Kay Sadia sold merchandise for $8,450 subject to a 8% sales tax. The entry in the general journal will include a debit to Accounts Receivable for Multiple Choice 0 $9126.00. 0 $7943.00. 0 S8,450.00. 0 O S8, 444.00. S8,444.00.
The entry to record the return of goods to a creditor would include a: debit to...
The entry to record the return of goods to a creditor would include a: debit to merchandise inventory. credit to merchandise inventory. debit to sales. d. credit to sales. 10. An example of a current liability would be a. accounts payable b. Jalaries payable c. unearned rent d. all of the above T Co. sold $20,000 worth of merchandise and received cash. The sales entry would take place in the: a. cash payments journal. general jourral. sales journal. cash receipts...
Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry...
Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record this sale transaction would be: Multiple Choice Debit Cash of $625 and credit Sales $625. O Debit Cash of $625 and credit Accounts Receivable $625. Debit Accounts Receivable $625 and credit Sales $625. Debit Accounts Receivable $625 and credit Cash $625. C) Debit Soles $625 and credit Accounts Receivable $625.
Appendix II Saved One difference in the Sales Journal between the perpetual and periodic systems is...
Appendix II Saved One difference in the Sales Journal between the perpetual and periodic systems is Multiple Choice The column to record cost of goods sold and inventory amounts sold The addition of a sales tax payable column The column to record cost of goods sold and inventory amounts sold and the deletion of a sales tax payable column The column to record cost of goods sold and inventory amounts sold and the addition of a sales tax payable column...
A sales invoice is used as documentation for a journal entry that requires a debit to...
A sales invoice is used as documentation for a journal entry that requires a debit to Entry field with incorrect answer Accounts Receivable and a credit to Sales Revenue. Cash and a credit to Sales Revenue. Cash and a credit to Sales Returns and Allowances. Sales Returns and Allowances and a credit to Accounts Receivable.
In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit...
In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit to Accounts Receivable and Credit to Sales. In addition: Select one: O A. Cost of goods sold is debited and Merchandise inventory is credited. • B. Cost of goods sold is credited and Merchandise inventory is debited. C. Accounts Receivable is credited and Sales is debited. O D. None of the above.
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.
The journal entry to write off an uncollectible account receivable by a city water department would...
The journal entry to write off an uncollectible account receivable by a city water department would include Multiple Choice A debit to Bad Debt Expense O A credit to Allowance for Uncollectible Accounts O Both of the choices would be included in the journal entry. O Neither of the choices would be included in the journal entry O
Sales Journal, Cash Receipts Journal, and General Journal Owens Distributors is a retail business...
Sales Journal, Cash Receipts Journal, and General Journal
Owens Distributors is a retail business. The following sales,
returns, and cash receipts occurred during March 20--. There is an
8% sales tax. Beginning general ledger account balances were Cash,
$9,774; and Accounts Receivable, $1034.00. Beginning customer
account balances were Thompson Group, $1034.00.
Mar. 1
Sold merchandise to Able & Co., $1,843, plus sales tax.
Sale No. 33C.
3
Sold merchandise to R. J. Kalas, Inc., $2,274, plus sales tax.
Sale No....
Vail Company recorded the following transactions during November. Date General Journal Debit Credit Nov. 5 Accounts...
Vail Company recorded the following transactions during November. Date General Journal Debit Credit Nov. 5 Accounts Receivable—Ski Shop 4,439 Sales 4,439 10 Accounts Receivable—Welcome Enterprises 1,291 Sales 1,291 13 Accounts Receivable—Zia Natara 757 Sales 757 21 Sales Returns and Allowances 195 Accounts Receivable—Zia Natara 195 30 Accounts Receivable—Ski Shop 2,691 Sales 2,691 1. Prepare a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Post these entries to both the general ledger and the accounts receivable...
Kay Sadia sold merchandise for $8,450 subject to a 8% sales tax. The entry in the general journal will include a debit to Accounts Receivable for Multiple Choice 0 $9126.00. 0 $7943.00. 0 S8,450.00. 0 O S8, 444.00. S8,444.00.
The entry to record the return of goods to a creditor would include a: debit to merchandise inventory. credit to merchandise inventory. debit to sales. d. credit to sales. 10. An example of a current liability would be a. accounts payable b. Jalaries payable c. unearned rent d. all of the above T Co. sold $20,000 worth of merchandise and received cash. The sales entry would take place in the: a. cash payments journal. general jourral. sales journal. cash receipts...
Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record this sale transaction would be: Multiple Choice Debit Cash of $625 and credit Sales $625. O Debit Cash of $625 and credit Accounts Receivable $625. Debit Accounts Receivable $625 and credit Sales $625. Debit Accounts Receivable $625 and credit Cash $625. C) Debit Soles $625 and credit Accounts Receivable $625.
Appendix II Saved One difference in the Sales Journal between the perpetual and periodic systems is Multiple Choice The column to record cost of goods sold and inventory amounts sold The addition of a sales tax payable column The column to record cost of goods sold and inventory amounts sold and the deletion of a sales tax payable column The column to record cost of goods sold and inventory amounts sold and the addition of a sales tax payable column...
In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit to Accounts Receivable and Credit to Sales. In addition: Select one: O A. Cost of goods sold is debited and Merchandise inventory is credited. • B. Cost of goods sold is credited and Merchandise inventory is debited. C. Accounts Receivable is credited and Sales is debited. O D. None of the above.
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.
The journal entry to write off an uncollectible account receivable by a city water department would include Multiple Choice A debit to Bad Debt Expense O A credit to Allowance for Uncollectible Accounts O Both of the choices would be included in the journal entry. O Neither of the choices would be included in the journal entry O
Sales Journal, Cash Receipts Journal, and General Journal
Owens Distributors is a retail business. The following sales,
returns, and cash receipts occurred during March 20--. There is an
8% sales tax. Beginning general ledger account balances were Cash,
$9,774; and Accounts Receivable, $1034.00. Beginning customer
account balances were Thompson Group, $1034.00.
Mar. 1
Sold merchandise to Able & Co., $1,843, plus sales tax.
Sale No. 33C.
3
Sold merchandise to R. J. Kalas, Inc., $2,274, plus sales tax.
Sale No....
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