Homework Answers
| Accounts Receivable | 799,800 | |
| Sales revenue | 744,000 | |
| Sales tax payable (744,000*7.5%) | 55,800 |
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During December, Rainey Equipment made a $744,000 credit sale. The state sales tax rate is 6 % and the local sales...
During December, Rainey Equipment made a $668,000 credit sale. The state sales tax rate is 6%...
During December, Rainey Equipment made a $668,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the credit sale. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
During December, Rainey Equipment made a $634,000 credit sale. The state sales tax rate is 6%...
During December, Rainey Equipment made a $634,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the credit sale. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
During December, Far West Services makes a $5,200 credit sale. The state sales tax rate is 6% and the local sales tax...
During December, Far West Services makes a $5,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale including the sales tax. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal...
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...
Exercise 5-1A Record credit sale (LO5-1) PD HW i Exercise 5-1A Record credit sale (L05-1) On...
Exercise 5-1A Record credit sale (LO5-1)
PD HW i Exercise 5-1A Record credit sale (L05-1) On May 7, Juanita Construction provides services on account to Michael Wolfe for $3,700. Michael pays for those services on May 13. Required: For Juanita Construction, record the service on account on May 7 and the collection of cash on May 13. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Check my work During the current year, Witz Electric, Inc., recorded credit sales of $750,000. Based...
Check my work During the current year, Witz Electric, Inc., recorded credit sales of $750,000. Based on prior experience, it estimates a 2 percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. On September 29 of the current year, an account receivable for $2,000 from March of the current year was determined to be! uncollectible and...
Required information Exercise 7-17A Record the sale of equipment (LO7-6) The following information applies to the ques...
Required information Exercise 7-17A Record the sale of equipment (LO7-6) The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $27,000 and sold it three years later for $14,40o. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No...
On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of...
On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of $368,000 of diodes to be completed on January 16, 2022. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on December 12. Note: Enter debits before credits. General Journal Debit Credit Date December...
1.50 points During November wireless, nc. makes a $2,300 credit sale excluding sales ax. The state...
1.50 points During November wireless, nc. makes a $2,300 credit sale excluding sales ax. The state sales ax rate is 5% and he local sa estax rates 1 50% Record sales revenue and sales tax payable. (If no entry is required for a 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 payable....
M11-4 Recording the sale of Common Stock LO11-3 To expand operations, Aragon Consulting issued 176,000 shares...
M11-4 Recording the sale of Common Stock LO11-3 To expand operations, Aragon Consulting issued 176,000 shares of previously unissued stock with a par value of $1. Investors purchased the stock for $17 per share. a. Sale of the above stock b. Sale of above stock if the par value was $2 per share Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction...
During December, Rainey Equipment made a $668,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the credit sale. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
During December, Rainey Equipment made a $634,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the credit sale. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
During December, Far West Services makes a $5,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale including the sales tax. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal...
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...
Exercise 5-1A Record credit sale (LO5-1)
PD HW i Exercise 5-1A Record credit sale (L05-1) On May 7, Juanita Construction provides services on account to Michael Wolfe for $3,700. Michael pays for those services on May 13. Required: For Juanita Construction, record the service on account on May 7 and the collection of cash on May 13. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Check my work During the current year, Witz Electric, Inc., recorded credit sales of $750,000. Based on prior experience, it estimates a 2 percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. On September 29 of the current year, an account receivable for $2,000 from March of the current year was determined to be! uncollectible and...
Required information Exercise 7-17A Record the sale of equipment (LO7-6) The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $27,000 and sold it three years later for $14,40o. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No...
On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of $368,000 of diodes to be completed on January 16, 2022. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on December 12. Note: Enter debits before credits. General Journal Debit Credit Date December...
1.50 points During November wireless, nc. makes a $2,300 credit sale excluding sales ax. The state sales ax rate is 5% and he local sa estax rates 1 50% Record sales revenue and sales tax payable. (If no entry is required for a 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 payable....
M11-4 Recording the sale of Common Stock LO11-3 To expand operations, Aragon Consulting issued 176,000 shares of previously unissued stock with a par value of $1. Investors purchased the stock for $17 per share. a. Sale of the above stock b. Sale of above stock if the par value was $2 per share Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction...
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