Homework Answers
| Journal Entry | Debit | Credit |
| Cash A/c Dr | 2,862 | |
| Sales Revenue A/c Cr. | 2,700 | |
| Sales Tax Payable A/c Cr. | 162 | |
| ( Cash Sales include Sales tax payable by 162 ) |
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Merchandise is sold for cash. The selling price of the merchandise is $2,700, and the sale...
Merchandise is sold for cash. The selling price of the merchandise is $3,200 and the sale...
Merchandise is sold for cash. The selling price of the merchandise is $3,200 and the sale is subject to a 6% state sales tax. The Journal entry to record the sale would include a credit to Oa. Cash for $3,200 Ob. Sales Tax Payable for $192 c. Sales for $3,008 Od. Sales for $3,392
Calculator Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the...
Calculator Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include credit to Ca. Cash for $3,700 b. Sales Tax Payable for $259 c. Sales for $3.959 d. Sales for $3,700 The inventory data for an item for November are: Nov. 1 Inventory 24 units at $20 4 Sold 9 units 10 Purchased 35 units at $22...
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The...
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. debit to Sales Discounts for $86 Ob. debit to Accounts Receivable for $4,194 Oc. debit to Cash for $4,300 Od. credit to Sales for $4,214 ; the second one is to close There are two closing entries. The first one is to close Oa. revenues, expenses Ob. revenues, expenses and the drawing account Oc....
Merchandise with a sales price of $500 is sold on account with terms 2/10, n/30. The...
Merchandise with a sales price of $500 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O A) Debit to Accounts Receivable for $490 B) Debit to Cash for $490 OC) Credit to Sales for $500 O D) debit to Accounts Receivable for $500
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit...
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit Sales OB) debit Cash; credit Inventory OC) debit Inventory; credit Cash OD) debit Cost of Goods Sold; credit Cash
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Dextra Computing sells merchandise for $8,000 cash on September 30 (cost of merchandise is $5,600). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $8,000 sale and its applicable sales tax Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet Record the cash sales and 2% sales tax....
Question Help On December 1. Macy Company sold merchandise with a selling price of $9,000 on...
Question Help On December 1. Macy Company sold merchandise with a selling price of $9,000 on account to Mrs. Jorgensen, with terms 4/10, 1/30. On December 3, Mrs. Jorgensen returned merchandise with a selling price of $700. Mrs. Jorgensen paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used? O A. Debit Cash for $7.968 and credit Accounts Receivable for $7.968 O B. Debit Sales Revenue for...
When merchandise is sold for cash, two entries are recorded. The second entry, to record the...
When merchandise is sold for cash, two entries are recorded. The second entry, to record the cost of merchandise sold, is OA) debit Cost of Goods Sold; credit Inventory OB) debit Inventory; credit Cost of Goods Sold C) debit Cost of Goods Sold; credit Sales OD) debit Accounts Receivable; credit Inventory
Dextra Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $3,000). The...
Dextra Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $3,000). The sales tax law requires Dextra to collect 8% sales tax on every dollar of merchandise sold. Record the entry for the $5,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 8 % tax on this sale to the state government on October 15 View transaction list extra Computing sells merchandise for $5,000 cash on September 30...
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms...
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
Merchandise is sold for cash. The selling price of the merchandise is $3,200 and the sale is subject to a 6% state sales tax. The Journal entry to record the sale would include a credit to Oa. Cash for $3,200 Ob. Sales Tax Payable for $192 c. Sales for $3,008 Od. Sales for $3,392
Calculator Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include credit to Ca. Cash for $3,700 b. Sales Tax Payable for $259 c. Sales for $3.959 d. Sales for $3,700 The inventory data for an item for November are: Nov. 1 Inventory 24 units at $20 4 Sold 9 units 10 Purchased 35 units at $22...
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. debit to Sales Discounts for $86 Ob. debit to Accounts Receivable for $4,194 Oc. debit to Cash for $4,300 Od. credit to Sales for $4,214 ; the second one is to close There are two closing entries. The first one is to close Oa. revenues, expenses Ob. revenues, expenses and the drawing account Oc....
Merchandise with a sales price of $500 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O A) Debit to Accounts Receivable for $490 B) Debit to Cash for $490 OC) Credit to Sales for $500 O D) debit to Accounts Receivable for $500
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit Sales OB) debit Cash; credit Inventory OC) debit Inventory; credit Cash OD) debit Cost of Goods Sold; credit Cash
Dextra Computing sells merchandise for $8,000 cash on September 30 (cost of merchandise is $5,600). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $8,000 sale and its applicable sales tax Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet Record the cash sales and 2% sales tax....
Question Help On December 1. Macy Company sold merchandise with a selling price of $9,000 on account to Mrs. Jorgensen, with terms 4/10, 1/30. On December 3, Mrs. Jorgensen returned merchandise with a selling price of $700. Mrs. Jorgensen paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used? O A. Debit Cash for $7.968 and credit Accounts Receivable for $7.968 O B. Debit Sales Revenue for...
When merchandise is sold for cash, two entries are recorded. The second entry, to record the cost of merchandise sold, is OA) debit Cost of Goods Sold; credit Inventory OB) debit Inventory; credit Cost of Goods Sold C) debit Cost of Goods Sold; credit Sales OD) debit Accounts Receivable; credit Inventory
Dextra Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $3,000). The sales tax law requires Dextra to collect 8% sales tax on every dollar of merchandise sold. Record the entry for the $5,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 8 % tax on this sale to the state government on October 15 View transaction list extra Computing sells merchandise for $5,000 cash on September 30...
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
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