Farrah's Furniture sold 35 couches to Angel's Inc. for $850 each plus an additional state sales tax
Question:
Required:
Provide the journal entry to record the sale (round to nearest penny).
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
Journal Date Account and Explanat...View the full answer
Answered By
John Kago
Am a processional practicing accountant with 5 years experience in practice, I also happens to have hands on experience in economic analysis and statistical research for 3 years. am well conversant with Accounting packages, sage, pastel, quick books, hansa world, etc, I have real work experience with Strata, and SPSS
4.70+
31+ Reviews
77+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
Cobb Baseball Bats sold 150 bats for $50 each, plus an additional sales tax of 7 percent. Required: Provide the journal entry to record the sale.
-
Mayfair Corporation currently subsidizes cafeteria services for its 250 employees. Mayfair is in the process of reviewing the cafeteria services as cost-cutting measures are needed throughout the...
-
Cobb Baseball Bats sold 60 bats for $70 each, plus an additional state sales tax of 8 percent. The customer paid cash. Required: Prepare the journal entry to record the sale.
-
Instructions In simplified form, you are going to be producing a script. The script will create 2 tables, load the 2 tables with data and then using PL/SQL it will process those 2 tables and with 2...
-
A neutron with kinetic energy T = 10 MeV activates a nuclear reaction C12 (n, ) Be9 whose threshold is Tth = 6.17 MeV. Find the kinetic energy of the alpha-particles outgoing at right angles to the...
-
A call option is written on a stock whose current price is $50. The option has maturity of 3 years, and during this time the annual stock price is expected to increase by 25% or to decrease by 10%....
-
What is the payback period for the project described below? Machine investment $24,999 MARR 18% Annual benefit $5,000 Annual maintenance Life Salvage value $2,500 7 years $1,000
-
During your observation of the November 30, 20X0, physical inventory of Jay Company, you note the following unusual items: a. Electric motors in finished goods storeroom not tagged. Upon inquiry, you...
-
Cameron Cookiest produces gourmet cookies, which sell for $16 a basket. Variable costs per basket are $6 and fixed costs are $5,000 per month. If the company expects to sell 1,500 baskets of cookies,...
-
The "You" Attitude Rewrite the following sentences to reflect your audience's viewpoint. 1. We request that you use the order form supplied in the back of our catalog. 2. We insist that you always...
-
Betty's Antique Shop, a shop specializing in antiques from the 19th century, recently sold a chair from the Civil War era for $60,000 on account. The state sales tax is 5%, and there is a $400-...
-
Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly...
-
Visit a local business and learn how it calculates its resources.
-
In this group assignment, each team will collaboratively present comprehensive report and accompanying PowerPoint presentation to address the concerns of a prospective investor. As an investment...
-
I not sure how to Summarize each report, and discuss the reason for the statements in this order for the GE 10K report. Please see the link below for reference...
-
For the last part of a is it negative economic profit or positive economic profit or negative accounting profit or positive accounting, profit or a zero accounting profit Image transcription text...
-
Jennifer applies for life insurance and indicates she never drinks alcohol. Her policy is issued and accepted. However, after the birth of her daughter, Jennifer had celebrated with a single glass of...
-
1/ Detail about Barnes & Noble Education financial results in 2023? 2/ Has Barnes & Noble Education been profitable in the last three years? Reference:...
-
How does the value of p change as the sample size increases? Explain. Assume nN .05.
-
What is the purpose of the journal wizard?
-
The actual cash received from cash sales was $17,572.40, and the amount indicated by the cash register total was $17,589.65. Journalize the entry to record the cash receipts and cash sales.
-
The actual cash received from cash sales was $6,973.60, and the amount indicated by the cash register total was $6,932.15. Journalize the entry to record the cash receipts and cash sales.
-
Migraine Co. is a medium-size merchandising company. An investigation revealed that in spite of a sufficient bank balance, a significant amount of available cash discounts had been lost because of...
-
Suppose that the net income view were to be correct in Problem 1. Describe a profitable investment strategy for investors in the companys bonds and equity if the company were to reduce its debt. What...
-
A piece of land in Ottawa with an area of 0.5 square kilometers is priced at 5200 Canadian dollars. If there are 0.9955 Canadian dollars per (U.S.) dollar, then what is the price in dollars per...
-
Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned salaries this year of $ 6 6 , 2 0 0 and $ 2 5 , 2 0 0 , respectively. In addition to their salaries, they received...
Study smarter with the SolutionInn App