2 Sales and sales tax separately into the cash register. Sales are $45,000 and sales tax...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
2 Sales and sales tax separately into the cash register. Sales are $45,000 and sales tax is $2,700. Sales and sales tax are not separated in the cash register. Register total is $36,750 including 5% sales tax. Required: Record the journal entries for each of the independent situations. Date Account 1 2 Debit Problem 3 The following information is contained in the financial statements of a company, (in millions). Current assets $ 7,450 Accounts receivable $ Total assets Interest expense 23,093 7,714 Current liabilities Income tax expense Total liabilities 18,187 Net income Cash 424 Required: Compute (a) Working capital, and (b) Current ratio 909 502 532 70 Credit 2 Sales and sales tax separately into the cash register. Sales are $45,000 and sales tax is $2,700. Sales and sales tax are not separated in the cash register. Register total is $36,750 including 5% sales tax. Required: Record the journal entries for each of the independent situations. Date Account 1 2 Debit Problem 3 The following information is contained in the financial statements of a company, (in millions). Current assets $ 7,450 Accounts receivable $ Total assets Interest expense 23,093 7,714 Current liabilities Income tax expense Total liabilities 18,187 Net income Cash 424 Required: Compute (a) Working capital, and (b) Current ratio 909 502 532 70 Credit
Expert Answer:
Answer rating: 100% (QA)
The following table shows the Journal entries Date Account Debit Credit Sales 4500 ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The Christy Corporation had the following balance sheet as of December 31, 20x2. The transactions for the first three months of 20x3 are also presented along with other information about specific...
-
Journal Entries NEW Jan 1 Simon invested $60,000 cash into the business by purchasing capital stock at $10.00 par value. Jan 2 The Company borrowed $100,000 on a short-term 90 day, 12.0% note...
-
Gamma Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31:1. A one-year bank loan of...
-
Determine the magnitude and coordinate direction angles of the resultant force acting at pointA. 1.5m F, = 1 50 N F2 = 200 N -2 m-
-
What does NGO stand for?
-
Who can attend a deposition?
-
A by- product of phosphate fertilizer production is pyrite waste, which contains arsenic and lead. From 1884 to 1906, seven phosphate fertilizer plants operated on a forty- three- acre operated on a...
-
A manufacturing company makes two types of water skis, a trick ski and a slalom ski. The relevant manufacturing data are given in the table. Department Labor-Hours per Ski Trick Ski Slalom Ski...
-
At the beginning of the current period, Coe Ltd. had balances in Accounts Receivable of 200,000 and in Allowance for Doubtful Accounts of 9,000 (credit). During the period, it had net credit sales of...
-
From your observation and experience, how has the job recruitment process changed in the digital age and especially through the Covid-19 pandemic? Have the changes created opportunities, or...
-
Give an example of your Objective, remembering to include the job title/full or part time?/where did you see the ad?/ and enclosure.
-
A motorcycle with a weight of 1,553 N is travel at an initial speed of 5.24 m/s on a horizontal road when its brakes are applied. The bike takes 23.9 meters to come to a complete stop. How much...
-
Which hemostasis process needs platelet aggregation and adhesion to occur? Explain in details .
-
Discuss the difference between the 10th and 11th day of suspension for a student who receives special education services. How might a special education teacher be involved in this process?
-
Using Java language, write a program that will compute the union and the intersection of two sets. The input to the program is a file containing two sets. The ouput of the program is a file...
-
Provide a generic object-oriented design for Graphical User Interface (GUI) of any application based on our class discussion on the various components and controls used in a GUI.
-
Imagine that your best friend knows you are taking a psychology course and wonders what psychology is all about. How would you define psychology for your friend? Write an essay on the discipline of...
-
Assume we want to make the TCP client program in Table 25.2 more generic to be able to send a string and to handle the response received from the server. Show how this can be done. Table 25.2 Echo...
-
Can you find an analogy in our daily life as to when we use two separate connections in communication similar to the control and data connections in FTP?
-
Repeat Problem P13-8 for a 10 Gigabit Ethernet LAN. Problem P13-8 In a Standard Ethernet LAN, the average size of a frame is 1000 bytes. If a noise of 2 ms occurs on the LAN, how many frames are...
-
The gross profit ratio is equal to: (a) profit divided by net sales. (b) cost of sales divided by net sales. (c) net sales minus cost of sales, divided by net sales. (d) net sales minus cost of...
-
What inventory cost flow method does Dominos Pizza Enterprises Ltd use for its inventories?
-
Which inventory cost flow method produces the highest profit in a period of rising prices?
Study smarter with the SolutionInn App