Homework Answers
Adjusting entry
| Date | Account titles and explanation | Debit | Credit |
| June 30 | Sales revenue (325420+141510)*6/106 | 26430 | |
| Sales tax payable | 26430 | ||
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Current Attempt in Progress During the month of June, Headland Boutique recorded cash sales of $325,420...
During the month of June, Sheffield Boutique recorded cash sales of $276,660 and credit sales of...
During the month of June, Sheffield Boutique recorded cash sales of $276,660 and credit sales of $140,980, 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 Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not...
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...
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.
Question 11 --/1 View Policies Current Attempt in Progress On June 3, Monty Company sold to...
Question 11 --/1 View Policies Current Attempt in Progress On June 3, Monty Company sold to Chester Company merchandise having a sale price of $2,100 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $96, 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 Monty Company books to record...
Headland Co. uses the net method to account for cash discounts. On June 1, 2020, it...
Headland Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of $65,000 with terms 4/15, n/45. On June 12, 2020, Headland received full payment for the June 1 sale. Prepare the required journal entries for Headland Co. (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 the amount is entered. Do not indent manually. Record journal...
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...
During the month of June, Sheffield Boutique recorded cash sales of $276,660 and credit sales of $140,980, 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 Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not...
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...
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...
Question 11 --/1 View Policies Current Attempt in Progress On June 3, Monty Company sold to Chester Company merchandise having a sale price of $2,100 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $96, 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 Monty Company books to record...
Headland Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of $65,000 with terms 4/15, n/45. On June 12, 2020, Headland received full payment for the June 1 sale. Prepare the required journal entries for Headland Co. (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 the amount is entered. Do not indent manually. Record journal...
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...
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