Homework Answers
| Journal entries | |||
| Date | ACCOUNT TITLES AND EXPLANATIONS | DEBIT ($) | CREDIT ($) |
| June. 30 | Sales | 23,640.00 | |
| Sales Tax Payable | 23,640.00 | ||
| Explanation: | |||
| Sales Tax Payable calculation | |||
| Sales Tax on Cash Sales = 276,660 * 6/106 = $15,660 | |||
| Sales Tax on Credit Sales = 140,980 * 6/106 = $7,980 | |||
| Therefore, Sales Tax Payable = $15,660 + $7,980 = $23,640 |
Add Answer to:
During the month of June, Sheffield Boutique recorded cash sales of $276,660 and credit sales of...
Exercise 13-05 During the month of June, Rowling Boutique recorded cash sales of $233,200 and credit...
Exercise 13-05 During the month of June, Rowling Boutique recorded cash sales of $233,200 and credit sales of $153,700, both of which include the 6% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is...
Exercise 13-05 During the month of June, Rowling Boutique recorded cash sales of $233,200 and credit...
Exercise 13-05 During the month of June, Rowling Boutique recorded cash sales of $233,200 and credit sales of $153,700, both of which include the 6% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is...
Exercise 13-05 During the month of June, Teal Boutique recorded cash sales of $248,850 and credit...
Exercise 13-05
During the month of June, Teal Boutique recorded cash sales of
$248,850 and credit sales of $179,655, both of which include the 5%
sales tax that must be remitted to the state by July 15.
Prepare the adjusting entry that should be recorded to fairly
present the June 30 financial statements. (If no entry
is required, select "No Entry" for the account titles and enter 0
for the amounts. Credit account titles are automatically indented
when amount is...
Current Attempt in Progress During the month of June, Headland Boutique recorded cash sales of $325,420...
Current Attempt in Progress During the month of June, Headland Boutique recorded cash sales of $325,420 and credit sales of $141,510, both of which include the 6% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when...
During the month of June, Cheyenne Boutique recorded cash sales of $203,520 and credit sales of...
During the month of June, Cheyenne Boutique recorded cash sales of $203,520 and credit sales of $123,914, both of which include the 6% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do...
Exercise 13-5 During the month of June, Sage Boutique had cash sales of $183,750 and credit...
Exercise 13-5
During the month of June, Sage Boutique had cash sales of
$183,750 and credit sales of $117,075, both of which include the 5%
sales tax that must be remitted to the state by July 15.
Prepare the adjusting entry that should be recorded to fairly
present the June 30 financial statements. (If no entry
is required, select "No Entry" for the account titles and enter 0
for the amounts. Credit account titles are automatically indented
when amount is...
E13-5 (LO 1) (Adjusting Entry for Sales Tax) During the month of June, Rowling Boutique recorded...
E13-5 (LO 1) (Adjusting Entry for Sales Tax) During the month of June, Rowling Boutique recorded cash sales of $233,200 and credit sales of $153,700, both of which include the 6% sales tax that must be remitted to the state by July 15. Instructions Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements.
On June 3, Sheffield Company sold to Chester Company merchandise having a sale price of $4,600...
On June 3, Sheffield Company sold to Chester Company merchandise
having a sale price of $4,600 with terms of 2/10, n/60, f.o.b.
shipping point. An invoice totaling $94, terms n/30, was received
by Chester on June 8 from John Booth Transport Service for the
freight cost. On June 12, the company received a check for the
balance due from Chester Company.
Prepare journal entries on the Sheffield Company books to record all the events noted above under each of the...
On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000, 8% note....
On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000, 8% note. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 Prepare the entry at maturity...
On June 1, Merando Company borrows $90,000 from First Bank on a 6-month, $90,000, 8% note....
On June 1, Merando Company borrows $90,000 from First Bank on a
6-month, $90,000, 8% note.
Prepare the entry on June 1. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the adjusting entry on June 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit...
Exercise 13-05 During the month of June, Rowling Boutique recorded cash sales of $233,200 and credit sales of $153,700, both of which include the 6% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is...
Exercise 13-05 During the month of June, Rowling Boutique recorded cash sales of $233,200 and credit sales of $153,700, both of which include the 6% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is...
Exercise 13-05
During the month of June, Teal Boutique recorded cash sales of
$248,850 and credit sales of $179,655, both of which include the 5%
sales tax that must be remitted to the state by July 15.
Prepare the adjusting entry that should be recorded to fairly
present the June 30 financial statements. (If no entry
is required, select "No Entry" for the account titles and enter 0
for the amounts. Credit account titles are automatically indented
when amount is...
Current Attempt in Progress During the month of June, Headland Boutique recorded cash sales of $325,420 and credit sales of $141,510, both of which include the 6% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when...
Exercise 13-5
During the month of June, Sage Boutique had cash sales of
$183,750 and credit sales of $117,075, both of which include the 5%
sales tax that must be remitted to the state by July 15.
Prepare the adjusting entry that should be recorded to fairly
present the June 30 financial statements. (If no entry
is required, select "No Entry" for the account titles and enter 0
for the amounts. Credit account titles are automatically indented
when amount is...
On June 3, Sheffield Company sold to Chester Company merchandise
having a sale price of $4,600 with terms of 2/10, n/60, f.o.b.
shipping point. An invoice totaling $94, terms n/30, was received
by Chester on June 8 from John Booth Transport Service for the
freight cost. On June 12, the company received a check for the
balance due from Chester Company.
Prepare journal entries on the Sheffield Company books to record all the events noted above under each of the...
On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000, 8% note. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 Prepare the entry at maturity...
On June 1, Merando Company borrows $90,000 from First Bank on a
6-month, $90,000, 8% note.
Prepare the entry on June 1. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the adjusting entry on June 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit...
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