Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Apr 15, 2024

Benson Electronics sells a cellular phone on May 7 for $750. On May 12, Benson Electronics sells another cellular phone for $1,000. Sales tax is

Benson Electronics sells a cellular phone on May 7 for $750. On May 12, Benson Electronics sells another cellular phone for $1,000. Sales tax is computed at 3% of the total sale. Prepare revenue journal entries for each sale, including sales tax, and the remittance of all sales tax to the tax board on June 11.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Okay lets work through this stepbystep May 7 Sale of Cellu... blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Accounting Volume 1 Financial Accounting

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

1st Edition

1593995946, 978-1593995942

More Books

Students also viewed these Accounting questions

Question

ABC Electronics sells a cellular phone on February 1 for $600. On February 10, ABC Electronics sells another cellular phone for $575. Sales tax is computed at 7% of the total sale. Prepare revenue...

Answered: 1 week ago

Question

★★★★★

Vision Electronics sells a cellular phone on July 2 for $850. On July 10, Vision Electronics sells another cellular phone for $850. Sales tax is computed at 5% of the total sale. Prepare revenue...

Answered: 1 week ago

Question

★★★★★

Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells another cellular phone for $500. Sales tax is computed at 3.5% of the total sale. Prepare journal...

Answered: 1 week ago

Question

★★★★★

Mount Everest is Earth's highest mountain above sea level, located in the Mahalangur Himal sub-range of the Himalayas. The ChinaNepal border runs across its summit point. Its elevation of 8,848.86 m...

Answered: 1 week ago

Question

★★★★★

Bohr's model can be used for hydrogen-like ions-ions that have only one electron, such as He+ and Li2+. (a) Why is the Bohr model applicable to He+ ions but not to neutral He atoms? (b) The...

Answered: 1 week ago

Question

★★★★★

The final paragraph of the section Other ErrorChecking Tips asks whether there remain any other cells that have values amid a column of formulas. Did you find any?

Answered: 1 week ago

Question

★★★★★

Where does the person work?

Answered: 1 week ago

Question

★★★★★

Do you agree with the accounting treatment that Overstock typically applied to the revenues generated by its "Partner" line of business? Why or why not?

Answered: 1 week ago

Question

★★★★★

dealine Design Layout References Mailings Review View Help Cambria -11 A A A A BI U bx, * A-DA- ETEE T 1998 Paragraph AaBbce AaBbCel AaBbC AaBbccl AaB Aalb 1 Normal No Spac... Heading 1 Heading 2...

Answered: 1 week ago

Question

★★★★★

TourneSol Canada, Ltd. is a producer of high quality sunflower oil. The company buys raw sunflower seeds directly from large agricultural companies, and refines the seeds into sunflower oil that it...

Answered: 1 week ago

Question

★★★★★

please show work What are the portfolio weights for a portfolio that has 300 shares of Stock Athat sell for $20 per share and 200 shares of 5 tock 8 that sell for $50 per share? StockA A. Stock B %

Answered: 1 week ago

Question

★★★★★

There are three different methods commonly used for capturing network data. These are (1) using a network tap, (2) using a SPAN port on a switch, and (3) using a tool built into a network device...

Answered: 1 week ago

Question

★★★★★

Gross amount of invouce is $ 8 5 0 . there is no freight charge. date of invoice is 8 / 4 . terms of invoice are 3 / 1 0 , 2 / 1 5 and n / 3 0 . date of payment is 8 / 1 8 . find the cash discount....

Answered: 1 week ago

Question

★★★★★

A daily magazine stand contractor has newspaper stands along various stations on a train route. The demand for magazines is normally distributed and comes from three different forecasting models....

Answered: 1 week ago

Question

★★★★★

A photo frame production line operates 10 hours per day, 5 days per week and can produce 230 televisions per hour. In a typical day, employees have two 30-minute coffee breaks and one 1-hour lunch...

Answered: 1 week ago

Question

★★★★★

FAST DELIVERY SERVICES delivers packages in the city area and hires drivers to make deliveries. Variable costs has been budgeted and an average standard time has been established to make a delivery....

Answered: 1 week ago

Question

★★★★★

The information that follows pertains to Esther Food Products: a. At December 31, 2013, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation $...

Answered: 1 week ago

Question

★★★★★

Consider the setup in Problem 16. Show that the relative speed of the ball and the point of contact on the stick is the same before and immediately after the collision. (This result is analogous to...

Answered: 1 week ago

Question

★★★★★

Record journal entries for the following transactions of Commissary Productions. Jan. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 Issued a $425,530 note to customer June Solkowski as terms of a...

Answered: 1 week ago

Question

★★★★★

The following information is provided for the first month of operations for Legal Services Inc.: A. The business was started by selling $100,000 worth of common stock. B. Six months rent was paid in...

Answered: 1 week ago

Question

★★★★★

Use the internet to find a publicly-held companys annual report. Locate the section reporting Stockholders Equity. Assume that you work for a consulting firm that has recently taken on this firm as a...

Answered: 1 week ago

Question

★★★★★

Which site are you most likely to use on a regular basis? Why?

Answered: 1 week ago

Question

★★★★★

Identify an industry in which you might like to work.

Answered: 1 week ago

Question

★★★★★

Did you notice any signifi cant diff erences between the sites and the information they provide?

Answered: 1 week ago

Previous Question Next Question