Jones Hardware Store has total receipts for the day of $12,550. This total includes 7% sales tax
Question:
Required
Calculate sales tax payable and prepare the journal entry to record the sales. Ignore any effects on inventory and round numbers to the nearest
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (16 reviews)
General Journal Date Account Name...View the full answer
Answered By
OTIENO OBADO
I have a vast experience in teaching, mentoring and tutoring. I handle student concerns diligently and my academic background is undeniably aesthetic
4.30+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Prepare the journal entry to record income taxes on December 31, 2011, assuming that Turner Corporations income tax expense is $35,000 and that it owes $30,000 in income taxes to the government....
-
Nueve Ltd. had the following pre-tax earnings and losses: Year Pre-tax Earnings (Loss) Tax rate 20x3 $330,000 34% 20x4 $165,000 34% 20x5 $540,000 34% 20x6 $660,000 36% 20x7 ($3,330,000) 36% 20x8...
-
Prepare a journal entry to record each of the following materials transactions: a. Total materials purchased on account during the month amounted to $200,000. b. Direct materials requisitioned for...
-
1. Estimate the model Debt = 30 + 1lnc + 32Unemp + . Is unemployment significant at the 5% level? 2. You are told that the unemployment rate might have a quadratic influence on monthly debt payments....
-
Consult Paragraphs 8-10 of PCAOB Auditing Standard No. 13.Comment about how your understanding of the inherent risks identified at Sunbeam (in Question 1) would influence the nature, timing, and...
-
An alternative technique to determine sound speed is to measure the frequency of a standing wave in the tube. What is the wavelength of the lowest resonance of this tube? A. \(L / 2\) B. \(L\) C. \(2...
-
The wind blows across a field with an approximate velocity profile as shown in Fig. P4.68. Use Eq. 4.16 with the parameter \(b\) equal to the velocity to determine the momentum flowrate across the...
-
Here is the condensed 2008 balance sheet for Skye Computer Company (in thousands of dollars): 2008 Current assets $ 2,000 Net fixed assets 3,000 Total assets $ 5,000 Current liabilities $ 900...
-
tes Outback Outfitters sells recreational equipment. One of the company's products, a small camp stove, sells for $110 per unit. Variable expenses are $77 per stove, and fixed expenses associated...
-
The following items were taken from the December 31 balance sheet of Auburn Bowling Lanes: Buildings, net ........... $60,200 Accounts receivable ......... 14,520 Prepaid insurance ........... 4,680...
-
The following are accounts commonly used in accounting information systems: 1. Accounts payable 2. Salaries payable 3. Common stock 4. Current portion of long-term debt 5. Unearned revenue 6. Notes...
-
On March 1, Azalea Golf borrows $30,000 on a 6-month, 6% note from Augusta Bank. Assume interest is paid at the maturity of the note. Required Prepare (a) The journal entry to record the receipt of...
-
The file WorldBank contains data on GDP per capita (current US$), time to prepare and pay taxes (hours), percentage of urban population, gross domestic savings as a percentage of GDP, annual...
-
In order to better understand what you are trying to communicate, does Christianity and the Way of Jesus fall under a honor society, justice society or both?
-
verify that the indicated function is an explicit solution of the given differential y" + y = tan x; y = (cos x)ln(secx + tan .x) Question 2: verify that the indicated family of functions is a...
-
the first 8 units have now been produced. the first unit took 2 0 0 hours to make and the total time for the first 8 units was 8 1 9 . 2 . What was the actual rate of learning which occured?
-
Sally will be leaving her sale position next month, to start a 2-year MBA program. If she wants to withdraw $1,500 from her investment account every month, which earns an average of 5.5% compounded...
-
Suppose you invest 52%, 28%, and 20% of your wealth into a stock, the market, and a risk-free asset, respectively. The beta of the stock is 1.1. What is the beta of the portfolio?
-
Gopu underwrites the new issue of 4,000 Preference shares of Rs.100 each at a premium of 10% of K.R. Ltd. The underwriting commission was payable as per the maximum rate allowed by law. The Public...
-
An interest bearing promissory note for 90 days at 5.6% p.a. has a face value of $120,000. If the note is discounted 20 days after the issue date at a rate of 6.8% p.a., calculate the amount of...
-
Qualitative Characteristics SFAC No. 2 identifies the qualitative characteristics that make accounting information useful. Presented below are a number of questions related to these qualitative...
-
What accounting constraints are illustrated by the items below? (a) Grecos Farms, Inc. reports agricultural crops on its balance sheet at fair value. (b) Rafael Corporation does not accrue a...
-
Presented below are three different transactions related to materiality. Explain whether you would classify these transactions as material. (a) Blair Co. has reported a positive trend in earnings...
-
of estion 2.1 Write a C++ program that calculates a customer's bill for a local cable company. The cable company has two types of customers: residential and business with different rates allocated...
-
Use Sobel mask and find horizontal and vertical gradient outputs for the given 5x5 image matrix which is coded 4-bit/pixel. (Don't use padding operation, obtain your output matrix as 3x3 image size!)...
-
003 The minimal polynomial associated with the matrix 102 01 1 is
Study smarter with the SolutionInn App