Journalize the entries to record the following selected transactions: a. Sold $62,800 of merchandise on account, subject
Question:
Journalize the entries to record the following selected transactions:
a. Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $37,500.
b. Paid $39,650 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: 60% (10 reviews)
a Accounts Receivable 65940 Sales ...View the full answer
Answered By
Rustia Melrod
I am a retired teacher with 6 years of experience teaching various science subjects to high school students and undergraduate students. This background enables me to be able to help tutor students who are struggling with the science of business component of their education. Teaching difficult subjects has definitely taught me patience. There is no greater joy for me than to patiently guide a student to the correct answer. When a student has that "aha!" moment, all my efforts are worth it.
The Common Core standards are a useful yardstick for measuring how well students are doing. My students consistently met or exceeded the Common Core standards for science. I believe in working with each student's individual learning styles to help them understand the material. If students were struggling with a concept, I would figure out a different way to teach or apply that concept. I was voted Teacher of the Year six times in my career. I also won an award for Innovative Teaching Style at the 2011 National Teaching Conference.
4.90+
4+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Accounting questions
-
Journalize the entries to record the following selected transactions of Grove Monuments, Inc.: Apr. 15. Paid the first installment of the estimated income tax for the current fiscal year ending...
-
Journalize the entries to record the following selected transactions: 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...
-
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...
-
Good Morning Food, Inc. is using the profitability index (PI) when evaluating projects. You have to find the PI for the company's project, assuming the company's cost of capital is 14.29 percent. The...
-
The stock in Hotel Management, Inc., a hotel management corporation, was divided equally between two families. For several years, the two families had been unable to agree on or cooperate in the...
-
Give the structures of three isomeric dibromides that could be used as starting materials for the preparation of 3,3-dimethyl-1-butyne.
-
How to draft a demand letter?
-
Calculate the annual cash dividends required to be paid for each of the following preferred stock issues: Required: a. $3.75 cumulative preferred, no par value; 200,000 shares authorized, 161,522...
-
Describe the improvement and what difference it will make to the change process. (5) (ii) Analyse the improvement against EACH stage of the Kubler-Ross Curve to show how the proposed improvement...
-
A manufactured component has its quality graded on its performance, appearance, and cost. Each of these three characteristics is graded as either pass or fail. There is a probability old.40 that a...
-
Refer to Exercise 6-14 Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a...
-
Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter. Sales Cost of merchandise sold Gross profit...
-
Articulate your theory or model of learning and explain how one or more of the learning theories you explored resonates most closely with your teaching and thinking. What other theory or model did...
-
A cylindrical rod has a length of 60cm and a diameter of 1.3mm. What is the cross-sectional area in 10 -6 m 2 ? Do not include units with your answer. give answer in expanded form
-
Kansas Enterprises purchased equipment for $80,000 on January 1, 2021. The equipment is expected to have a ten-year life, with a residual value of $8,250 at the end of ten years. Using the...
-
Oslo Company prepared the following contribution format income statement based on a sales volume of 1 , 0 0 0 units ( the relevant range of production is 5 0 0 units to 1 , 5 0 0 units ) : Sales $ 9...
-
A rectangular air mattress is 2.0 m long, 0.50 m wide, and 0.08 m thick. the mattress is fully submerged. What the mass of the mattress?
-
What is static and dynamic Q-angle? What info does it tell us? Explain.
-
An astronaut has spent a long time in the International Space Station (ISS) traveling at 7.66 km/s. When he returns to Earth, he is 50 ms younger than his twin brother. How long was he on the ISS?
-
The unadjusted trial balance of Secretarial Services is as follows: SECRETARIAL SERVICES Unadjusted Trial Balance as at 31 December 2017 Account Debit Credit Cash at bank Office supplies Prepaid...
-
Contrast the effects of the three depreciation methods on annual depreciation expense.
-
Distinguish between revenue expenditures and capital expenditures during useful life.
-
What are natural resources, and what are their distinguishing characteristics?
-
Finny Inc's contribution format income statement for the most recent month is given below: Sales (58,000 units) Variable expenses Contribution margin Fixed expenses Net operating income $1,160,000...
-
Down Under Products' sales budget for the next four months is as follows: Unit Sales April May June July 82,000 90,000 122,000 96,000 The company wants its ending inventory levels to equal 15% of the...
-
For a cyclotron, apply the relationship between the particle's mass and charge, the magnetic field, and the frequency of circling. Suppose a cyclotron is operated at B = 1.57 T and has a dee radius R...
Study smarter with the SolutionInn App