Record the following transactions of Urban Star Sporting Goods in a general journal. Urban Star Sporting Goods
Question:
Record the following transactions of Urban Star Sporting Goods in a general journal. Urban Star Sporting Goods must charge 8 percent sales tax on all sales.
Transcribed Image Text:
DATE 20X1 Feb. 2 15 20 TRANSACTIONS Sold merchandise totaling $4,800 plus tax to customers using bank credit cards. Record the 2 percent discount on credit card sales at time of sale. Sold merchandise totaling $2,650 to customers using American Express. Received amount due from American Express, less their 3 percent discount, for sales made by customers using American Express on February 15.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (6 reviews)
To record these transactions in the general journal we need to consider the details of each transact...View the full answer
Answered By
Bhartendu Goyal
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions. I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life. I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge. I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields. Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a tea...
3.00+
2+ Reviews
10+ Question Solved
Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
Question Posted:
Students also viewed these Business questions
-
The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales: DATE TRANSACTIONS 2019 May 1 Sold merchandise on...
-
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $2,500...
-
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. The company uses the perpetual inventory system. DATE TRANSACTIONS...
-
Since perpetuity payments continue forever, how can a present value be computed? Why isnt the present value infinite?
-
A manufacturer has accepted the following jobs for July. Today is Thursday, end of June. The non-working days in July are July 1, 2, 3, 10, 17, 24, BO, and Bl. Examine the following priority rules,...
-
Roscoe, \(\mathrm{CPA}\), has completed the examination of the financial statements of Excelsior Corporation as of and for the year ended December 31, \(19 \times 1\). Roscoe also examined and...
-
Sherman Lawn Service, Inc., has been open for one year, and Hannah Sherman, the owner, wants to know whether the business earned a net income or a net loss for the year. First, she must identify the...
-
Willand Corporation has 50,000 shares of $10 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market value per share is $16. The dividend shares are issued...
-
Briefly describe how inflation, or purchasing power, impacts stated or nominal interest rates.
-
Taylor Orlando began Taylor Roofing, his roofing business, on March 1, 2022. On March 31, the balances in the accounts were as follows. Cash $9,000, Accounts Receivable $2,000, Equipment $8,000,...
-
1. Open the general ledger accounts and accounts receivable ledger accounts shown below. Enter the balances as of April 1, 20X1. 2. Post the entries from the general journal in Problem 7.4A to the...
-
The Urban Florist is a wholesale shop that sells flowers, plants, and plant supplies. Transactions involving sales and cash receipts for the firm during May 20X1 follow. The firm sells its...
-
Which of the following forms of income from employment would be exempt from income tax in tax year 2023-24? (a) Free meals in the company canteen. (b) Removal expenses of 4,500. (c) 1,000 given to an...
-
To what extent did the personal characteristics of the "Baby M" parties impact the decision and public perception? What if the surrogate had been a well-educated woman who had originally entered the...
-
Recently, a famous movie star won a defamation trial against his ex-wife, also a famous movie star. The ex-husband claimed that his ex-wife had defamed him in a Washington Post column, where she...
-
(6.1) 10110 XOR 11011 Perform the following BITWISE logic operations. (6.2) 1110110 NAND 101101
-
Differentiate the function. y = eax4 y'(x) =
-
Balance, September 1 Checks BANK STATEMENT Deposits Other Balance $ 1,940 September 7 NSF check $ 90 1,850 September 11 $ 2,910 4,760 September 12 #101 $ 770 3,990 September 17 #102 1,640 2,350...
-
Assuming that Airbus cannot compete without subsidies and loans, is it likely that the EU will discontinue its financial support of Airbus? Is it in the EU's interests to continue supporting Airbus?...
-
The purpose of this case is to come up with a contingency plan[s] in order to sustain the program Move With Me, a program that serves thousands of community members throughout Lower Manhattan. The...
-
Havana Company purchased a carton fabrication unit for $247,500 on January 8, 20X1. The machines useful life is estimated as 3,000,000 units of product or eight years, and its salvage value is...
-
The South Pacific Shipping Company incurred the costs below related to a new packing machine: What is the capitalized cost of the new packing machine? Invoice price of packing machine Cash discount...
-
On January 5, 20X1, Terrell Company purchased a new $400,000 machine with a five-year useful life and an estimated salvage value of $30,000. INSTRUCTIONS Prepare a schedule showing the annual...
-
Derrick Iverson is a divisional manager for Holston Company. His annual pay raises are largely determined by his division's return on Investment (ROI), which has been above 20% each of the last three...
-
For Feet's Sake has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations:...
-
Listed below are several situations that require the use of time value of money techniques to answer. MIKE KEATON VARIOUS TIME VALUE OF MONEY SITUATIONS (1) Mike Keaton deposited $8,500 in a savings...
Study smarter with the SolutionInn App