Question: Clean Out Clutter is located in a state where the sales tax is 7 1/4%. Total sales for the month of February were $104,000, all

Clean Out Clutter is located in a state where the sales tax is 7 1/4%. Total sales for the month of February were $104,000, all of which were subject to sales tax.
a.) Prepare a journal entry that summarizes sales (all in cash) for the month.
b.) Prepare a journal entry regarding the disbursement for the sales tax.

Step by Step Solution

★★★★★

3.45 Rating (168 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Cash Ac Dr 111540 To Sales Ac104000 To Sales Ta... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1019-B-C-A-C-P-A(1744).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

Refer to the Kelson Sporting Equipment problem (Chapter 2, Problem 24). Letting R = number of regular gloves C = number of catcher's mitts Leads to the following formulation: Max 5R + 8C s.t. R +...

Selected transactions of the Lizard Lick Corporation during 2007 are as follows: Jan. 5 Purchased merchandise from Boston Company for $30,000; terms, 2/10, n/30. Purchases and accounts payable are...

Mary Givens and Peggy Moser are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year: T. Binn (general office worker) . . . . . ....

Selected transactions of the Lizard Lick Corporation during 2010 are as follows: Jan. 5 Purchased merchandise from Boston Company for $30,000; terms, 2/10, n/30. Purchases and accounts payable are...

Help please (Accounting HW) Clean Out Clutter is located in a state where the sales tax is 7 1/4%. Total sales for the month of February were $104,000, all of which were subject to sales tax. a.)...

Urgent help on accounting homework please? Clean Out Clutter is located in a state where the sales tax is 7 1/4%. Total sales for the month of February were $104,000, all of which were subject to...

Determine if each item is subject to the State rate (4.75%), County rate (2%), and the Prepared Meal rate (1%). Under each corresponding column, place a Y if the item is subject to that rate or an N...

Anna Smith was born January 25, 1990, was born and raised in Canada, is currently single and graduated from George Brown College several years ago. She lives in Toronto and rents a 600 square foot...

Requirement 1a. In preparation for recording the transactions, prepare: An amortization schedule for the first 3 months of the mortgage payable issued on OctoberOctober 1. Round interest calculations...

During the 2 nd quarter of 2016 (June 2016 - August 2016) Ping-Pong Industries (located at 535 Main Street, Brentwood, NY 11717; Sales Tax ID# 44455566677) had total sales of $126,000. Of this...

The unadjusted trial balance of Kings, Inc. at August 31, 20x6 was as follows: Kings, Inc. Trial Balance as at August 31, 20x6 Dr Cr $ 9,200 1,500 2,400 2,200 81,000 $ Cash Accounts receivable...

Hoffman wanted to acquire a franchise for a Red Owl grocery store. (Red Owl was a corporation that maintained a system of chain stores.) An agent of Red Owl informed Hoffman and his wife that if they...

QUESTION 7 - 1 POINT Evaluate the following integral. 1 2 5 2 2 5 x 2 2 d x Provide your answer below: 1 2 5 2 2 5 x 2 2 d x =

The mean volume of a can of super soda is 12 ounces, with a standard deviation of 0.6 ounces. The volumes of all cans of super soda are normally distributed. a) Between what two values do 95% of the...

Determine if the following differential equation is exact. If it is, (1) find its general solution in explicit form. + 5x)dr + (In() 8)dy = 0, x > 0. (2) Find the general solution of the following...

Which of the following would be the best nucleophile when dissolved in ethanol? CI O Br

A company (The manufacturer) is experiencing high variability in orders from a distributor, who again receives orders from a retailer. The manufacturer suspects the high variability is due to the...

Transition in a Dual Economy The economy comprises two sectors, 1 and 2. They produce the same good, which can be both consumed or invested. The "modern" sector, 1, uses capitalistic techniques...

Solve Prob. 4.87 assuming that the slope of the incline is 18° downward. Problem 4.87: The total weight of a wheelbarrow filled with gravel is 120 lb. If the wheelbarrow is held on an 18°...

A uniform slender rod 10 in. long and weighing 0.01 lb is balanced on a glass of inner diameter 2.8 in. Neglecting friction, determine the angle θ corresponding to equilibrium. 10 n.

A slender rod of length L and weight W is attached to collars which can slide freely along the guides shown. Knowing that the rod is in equilibrium, derive an expression for the angle θ in...

can you explain how to get the answer without excel and a financial calculator since this is a written exam 3. (25 pts) Superserv Inc. intends to acquire new equipment for $10 million and has an...

1.Incomes for production line workers in a certain city average $43.74 per hour with a standard deviation of $10.78. The incomes are skewed to the right.If a random sample of size 150 was taken: a)...

You are looking to buy a car and can afford to pay $190 per month. If the interest rate on a car loan is 0.71% per month for a 60-month loan, what is the most expensive car you can afford to buy? The...