Question 2 A cash register tape shows cash sales of 4,500 and sales taxes of 270....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Question 2 A cash register tape shows cash sales of €4,500 and sales taxes of €270. The journal entry to record this information is: Cash Sales Tax Expense Sales Revenue Cash Sales Revenue Sales Taxes Payable Cash Sales Tax Revenue Sales Revenue Cash Sales Revenue 4,500 270 4,770 4,770 4,500 4,770 4,500 270 270 4,500 4,500 Question 2 A cash register tape shows cash sales of €4,500 and sales taxes of €270. The journal entry to record this information is: Cash Sales Tax Expense Sales Revenue Cash Sales Revenue Sales Taxes Payable Cash Sales Tax Revenue Sales Revenue Cash Sales Revenue 4,500 270 4,770 4,770 4,500 4,770 4,500 270 270 4,500 4,500
Expert Answer:
Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Posted Date:
Students also viewed these accounting questions
-
A cash register tape shows cash sales of $6,000 and sales taxes of $300. The journal entry to record this information is: a. Dr. Cash 6,000 Dr. Sales Tax Expense 300 Cr. Sales Revenue 6,300 b. Dr....
-
The journal entry to record an $800,000 bond issuance that is sold at 95 would be: A) Cash $760,000 Accounts Payable $760,000 B) Cash $760,000 Discount on Bonds Payable $40,000 Bonds Payable $800,000...
-
The journal entry to record a payment on account will a. Debit Accounts Payable and credit Retained Earnings. b. Debit Expenses and credit Cash. c. Debit Cash and credit Expenses. d. Debit Accounts...
-
The people on Coral Island buy only juice and cloth. The CPI market basket contains the quantities bought in 2016. The average household spent $60 on juice and $30 on cloth in 2016 when the price of...
-
Using the resources available in your library, find out what laws your state has passed to prosecute computer crime.
-
The numbers 1, 5, 12, 22, 35, 51, . . . are called pentagonal numbers because they represent the numbers of dots in the sequence of figures shown below. Use mathematical induction to prove that the...
-
When to use a settlement brochure?
-
Hughes Foods completed the following selected transactions. 2016 Oct 31 Sold goods to BiLo's Foods, receiving a $36,000, three-month, 4.5% note. (You do not need to make the cost of goods sold...
-
A fifteen-year,8 percent, semi-annual pay, coupon bond, is callable in five years at a call price of $1,080. If the bond is selling for $1,050, what is the Yield to Call (YTC) of the bond?
-
Perfect Parties, Inc. has several divisions, one of which provides birthday parties at their facility, and has provided the actual and planning budget results for the month of June. The Controller...
-
The 6-month $730 strike call premium is $60 and the 6-month $830 strike call on the same underlying asset is selling for $30. A strategy consists of longing the 730-strike call and shorting the...
-
The most appropriate response to Knights question regarding the potential future scenario for the Heydon Quant Fund is: A. only the returns-based approach. B. only the holdings-based approach. C....
-
The Elmer funds management strategy is: A. active. B. passive. C. blended. Three years ago, the Albright Investment Management Company (Albright) added four new fundsthe Barboa Fund, the Caribou...
-
The DoGood Funds approach to the aerospace and defense industry is best described as: A. positive screening. B. negative screening. C. thematic investing. Three years ago, the Albright Investment...
-
Based on what the IC considers important for equity-related strategies, which strategy should Mukilteo most likely avoid? A. Long/short equity B. Equity market neutral C. Dedicated short selling and...
-
Which of the IC members statements regarding hedge fund strategies is incorrect? A. Statement 1 B. Statement 2 C. Statement 3 Snohomish Mukilteo is a portfolio analyst for the Puyallup-Wenatchee...
-
Rotation speed of a shaft can be measured by tachometers. In this method, a tachometer needs to be slightly pressed against the end of the shaft axis to achieve synchronized rotation (otherwise there...
-
What are some of the features of the Unified Process (UP)?
-
On September 1, 2019, The Shoppes at Forest Lake, Inc., purchased inventory costing $63,000 by signing an 8%, six-month, short-term note payable. The company will pay the entire note (principal and...
-
Bargain Basement Corporation operates general merchandise and food discount stores in the United States. The company reported the following information for the three years ending December 31, 2017:...
-
On January 2, 2018, Ellet Furniture purchased display shelving for $8,900 cash, expecting the shelving to remain in service for five years. Ellet depreciated the shelving on a...
-
You are the senior partner of a large, local audit firm. In reviewing the work of a junior staff member on a compilation engagement for Greasemonkey's Delight Inc., a local autoparts store (in which...
-
You have been assigned to audit the accounts payable of Slamtastic, a small recording company specializing in alternative music. Following is a portion of their accounts payable journal for the month...
-
The chapter discussed three issues to consider when obtaining evidence using a sample-based audit procedure: a. The number of transactions or items to examine b. The actual transactions or items to...
Money Makers Inside The New World Of Finance And Business 1st Edition - ISBN: 0230614019 - Free Book
Study smarter with the SolutionInn App