Question: Journalize the entries to record the following selected transactions: a. Sold $9,000 of merchandise on account, subject to a sales tax of 8%. The cost

Journalize the entries to record the following selected transactions:
a. Sold $9,000 of merchandise on account, subject to a sales tax of 8%. The cost of the merchandise sold was $6,300.
b. Paid $9,175 to the state sales tax department for taxes collected.

Step by Step Solution

★★★★★

3.31 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Accounts Receivable 9720 Sales 90... 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)

126-B-A-M-B (982).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Journalize the entries to record the following selected transactions. a. Sold $652,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $384,680. If an amount...

Journalize the entries to record the following selected transactions: a. Sold $3,400 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $2,000. b. Paid...

Journalize the entries to record the following selected transactions: a. Sold $12,900 of merchandise on account, subject to a sales tax of 4%. The cost of the merchandise sold was $7,800. b. Paid...

journalize the entries to record the following selected transactions. March 1 sold $61,700 of merchandise on account, subject to a sales tax of 6%. the cost of merchandise sold was $38,720. March 23...

Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $336,000 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold wa If...

FILL IN ALL EMPTY BOXES/SPACES URGET HELP Purchase-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co, on account, $254,500, terms 1/30. The cost of the goods...

Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $431,000 of merchandise on account, subject to a sales tax of 8%. The cost of the goods sold was...

Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $426,000 of merchandise on account, subject to a sales tax of 8%. The cost of the goods sold was...

You are a financial analyst for Modal Optima Berhad. The director of finance has asked you to analyze two proposed capital investment, Project X and Y. Each project has a cost of RM10 million and the...

There is large body of literature arguing that females are paid less than males for the same job. To test this hypothesis, we estimate Model 4.1 below using a dummy variable GENDER, such that if...

Use the first derivative test to find the location of all local extrema in the interval ( 1 , 4 ) for the function given below.f ( x ) = 3 ( 5 3 x ) e 4 x If there is more than one local maximum or...

Vasquez Corporation is considering investing in two different projects. It could invest in both, neither, or just one of the projects. The forecasts for the projects are as follows. The minimum rate...

The following information is available for Jain Corp. for the year ended December 31, 2012: Other revenues and gains ...... $ 12,700 Net sales ........... $552,000 Other expenses and losses .........

A layer of benzene (n = 1.50) 2.60 cm deep floats on water (n = 1.33) that is 6.50 cm deep. What is the apparent distance from the upper benzene surface to the bottom of the water layer when it is...

A television set costs $500 in the United States. The same set costs 550 euros in France. If purchasing power parity holds, what is the spot exchange rate between the euro and the dollar?

Bartley Manufacturing incurs unit costs of $8 ($5 variable and $3 fixed) in making a sub-assembly part for its finished product. A supplier offers to make 10,000 of the part at $5.30 per unit. If the...

8. Why is it important for a legal assistant to prepare a checklist of documents and procedures to be followed in a real estate closing?

The balance in the prepaid insurance account, before adjustment at the end of the year, is $14,800. Journalize the adjusting entry required under each of the following alternatives for determining...

The prepaid insurance account had a balance of $4,800 at the beginning of the year. The account was debited for $15,000 for premiums on policies purchased during the year. Journalize the adjusting...

The balance in the unearned fees account, before adjustment at the end of the year, is $45,000 Journalize the adjusting entry required if the amount of unearned fees sat the end of the year is $9,000.

Locate the Treasury bond in Figure 7.4 maturing in August 2039. Is this a premium or a discount bond? What is its current yield? What is its yield to maturity? What is the bidask spread in dollars?...

If the present value of a cash flow at an annual rate of interest of 4 . 5 % is $ 3 0 0 0 0 , what is the yearly cash flow? Assume that interest is compounded annually and round to the nearest cent....

Bank of America has a bond that pays a 6.5% coupon rate annually and matures in 5 years. If Chelly has a 4.3% required rate of return. What should she be willing to pay for the bond which has a...