Journalize the entries to record the following selected transactions: a. Sold $3,400 of merchandise on account, subject
Question:
a. Sold $3,400 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $2,000.
b. Paid $41,950 to the state sales tax department for taxes collected.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
a b Accounts rec Sal...View the full answer
Answered By
Nazrin Ziad
I am a post graduate in Zoology with specialization in Entomology.I also have a Bachelor degree in Education.I posess more than 10 years of teaching as well as tutoring experience.I have done a project on histopathological analysis on alcohol treated liver of Albino Mice.
I can deal with every field under Biology from basic to advanced level.I can also guide you for your project works related to biological subjects other than tutoring.You can also seek my help for cracking competitive exams with biology as one of the subjects.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Accounting questions
-
Journalize the entries to record the following selected transactions. a. Sold $652,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $384,680. If an amount...
-
Journalize the entries to record the following selected transactions: a. Sold $12,900 of merchandise on account, subject to a sales tax of 4%. The cost of the merchandise sold was $7,800. b. Paid...
-
Journalize the entries to record the following selected transactions: a. Sold $15,750 of merchandise on account, subject to a sales tax of 8%. The cost of the merchandise sold was $9,450. b. Paid...
-
Explain why each of the following statements about profit-maximizing competitive firms is incorrect. Restate each one correctly. a. A competitive firm will produce output up to the point where price...
-
The following account balances are taken from the records of Martin Corp. for the past two years. December 31 2017........................... 2016 Plant and equipment ........$750,000...
-
You have a broad knowledge of Southwest Airlines, it is time to dig a bit deeper into the structure and the process by which decisions are made within Southwest Airlines. Define the specific...
-
Consider the fisher. barley data frame from Example 5.3. a. Use $\mathrm{R}$ to compute $S S_{E}$. What are the degrees of freedom for $S S_{E}$ ? b. A statistician analyzing fisher.barley forgot to...
-
Lucia, a single taxpayer, operates a florist business. She is considering either continuing the business as a sole proprietorship or reorganizing it as either a C corporation or an S corporation. Her...
-
how would you make a convincing case that open trade in goods and services as well as free flow of foreign direct investment will enhance the well being of specific example? consumer producers the...
-
In the United States, the accounting profession is regulated at the state level, while in India the accounting profession is regulated by a federal agency. Identify and briefly discuss the...
-
A sale of merchandise on account for $13,750 is subject to an 8% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the amount of the sale?...
-
Summit Co., a furniture wholesaler, sells merchandise to Bitone Co. on account, $23,400, terms 2/10, n/30. The cost of the merchandise sold is $14,000. Summit Co. issues a credit memo for $4,400 for...
-
Find all complex zeros of each polynomial function. Give exact values. List multiple zeros as necessary. f(x) = 2x 5 + 11x 4 + 16x + 15x + 36x
-
Utilitarian Jeremy Bentham argued that if utility is good, then it is good irrespective of whose utility it is, and thus the sum of societal utility should be maximized. In what ways do you feel this...
-
What is the source of energy for the building you are in or closest to? What barriers prevent more energy from being obtained from clean sources?
-
What is an evidence- based intervention? Why is it important to adopt evidencebased interventions? What factors might you need to consider in adopting an evidence- based intervention?
-
Does the independence of \(X-X^{\prime}\) and \(Y-Y^{\prime}\) imply the independence of \(X\) and \(Y\) ?
-
Rawls (1999, 205) writes that if government is assumed to aim for the common good, and if "some men can be identified as having superior wisdom and judgment, others are willing to trust them and to...
-
Why would a company need a SOC report? a. The external auditor needs to know the effectiveness of internal controls of the companys service provider(s). b. The company wants to use it for marketing...
-
During registration at Tech every quarter, students in the Department of Management must have their courses approved by the departmental advisor. It takes the advisor an average of 4 minutes...
-
Explain why we sometimes need to balance the data.
-
Explain the meaning of each of the following terms as they relate to a bond issue: (a) Convertible, (b) Callable, and (c) Debenture.
-
A corporation issues $18,000,000 of 10% bonds to yield interest at the rate of 8%. (a) Was the amount of cash received from the sale of the bonds greater or less than $18,000,000? (b) Identify the...
-
Fleeson Company needs additional funds to purchase equipment for a new production facility and is considering either issuing bonds payable or borrowing the money from a local bank in the form of an...
-
On August 1, 2015, Lifters, a gym, sells 5 annual memberships for $1,500 each. What would the entry look like to record the receipt of cash as deferred revenue?
-
Lyme Incorporated issues 3,000 shares of no-par-value common stock for $20 per share. What is the correct journal entry for this transaction?
-
Unsubstantiated Expenses Your client, Randy Ross, owns a business that sells hinges, brackets, and fuses used in the manufacturing of machinery. Randy spends a large amount of time traveling to...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App