Journalize the entries to record the following selected transactions: a. Sold $12,900 of merchandise on account, subject
Question:
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 $32,750 to the state sales tax department for taxes collected.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
a Accounts Receivable 13416 Sales 12...View the full answer
Answered By
Moses mwangi
With prior writing experience, be sure that I will give a great grade, If not an A+, it will be something close to this. My reviews speaks it all, Try me!!
4.80+
78+ Reviews
157+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these 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 $9,000 of merchandise on account, subject to a sales tax of 8%. The cost of the merchandise sold was $6,300. b. Paid...
-
Prove that, the area of the traverse is equal to the algebraic sum of the products of the total latitude of each point and algebraic sum of the departures of the lines meeting at that point.
-
Rainbow Company purchased land, a building, and equipment on January 2, 2017, for $850,000. The company paid $170,000 cash and signed a mortgage note payable for the remainder. Management's best...
-
Describe how SCMAC helps identify and manage transaction costs in supply chain relationships.
-
A mass of \(10 \mathrm{~kg}\) of water at \(0^{\circ} \mathrm{C}\) is brought into contact with a large heat reservoir at \(100{ }^{\circ} \mathrm{C}\). a. When the water has reached \(100^{\circ}...
-
Based on the data in Exercise prepare a contribution analysis of the variable costs for Romero Products Inc. for the year ended December 31, 2014. In Exercise The following data for Romero Products...
-
Five employees are scheduled to retire during the next fiscal year: Andre, Blair, Corey, Daniel, and Elizabeth. Elizabeth will retire before Corey. Corey will retire after Blair. Andre will retire...
-
Russian is an Indo-European language of the Slavic family, spoken in Russia. Determine from the following Russian data whether the low front [a] and the low back [a] complement each other as...
-
A sale of merchandise on account for $28,000 is subject to a 7% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the amount of the sale?...
-
Skycrest Co., a furniture wholesaler, sells merchandise to Boyle Co. on accounts, $45,000, terms 2/10, n/30. The cost of the merchandise sold is $27,000. Skycrest Co. issues a credit memo for $9,000...
-
Describe the four phases in the fraud investigation process.
-
a) What is the output of the Apriori algorithm run on the above transaction database with minimum support of 60%? (1 mark) b) Calculate the CONFIDENCE: C(X-Y), for the following association rules:...
-
Consider the following 3 systems of equations, a. System 1 Variables u, v, w, and y b. System 2 Variables u, u, and w c. System 3 Variables u, v, w and y 2u+5v-w+y=5 -4w+y=2 v-w=2 3v+w-y=4 2u+10v2w...
-
"What are the intricate mechanisms underlying process scheduling algorithms within modern operating systems, and how do they contribute to optimizing resource utilization and enhancing system...
-
Assume you are a newly employed financial market analyst with an established bank. You are tasked to research into potential investment opportunities for a new client who has recently emigrated to...
-
Say you begin working when you are 25 years old, and will retire when you are 60 years old. After retirement, you wish to have monthly (end-of-month) earnings of RM6,000 per month, until you are 80...
-
The following table gives the demand and supply for cashiers in retail stores. a. Plot the supply and demand curves. b. What are the equilibrium wage and employment levels in this market? c. Suppose...
-
The Alert Company is a closely held investment-services group that has been very successful over the past five years, consistently providing most members of the top management group with 50% bonuses....
-
Discuss whether the following statement is correct: For direct foreign exchange risk calculations, off-balance sheet positions need to be excluded from the net open position.
-
Analyzing changes in accounts receivable, Braskem S.A., a large Brazilian petrochemical company, reported a balance of R$1,594.9 million in Accounts Receivable at the beginning of 2007 and R$1,497.0...
-
Analyzing changes in inventory, Boeing Company, a U.S. airplane manufacturer, reported a balance of $8,105 million in Inventory at the beginning of 2007 and $9,563 million at the end of 2007. Its...
-
Analyzing changes in inventory and accounts payable. Ericsson, a Swedish firm specializing in communication networks, reported a balance in Inventories of SEK21,470 million at the beginning of 2007...
-
Fill out the Special event template below. Directions : Conduct event-specific research to address the relevant areas of the outline. If some sections of the outline are not used, provide a brief...
-
A home-based sign company uses this function to model its monthly profit, where x is the price of each sign it sells. p(x)=-10x^(2)+498x-1,500 What is the company's profit if it sells each sign for...
-
Based on your analysis of the market data and a comprehensive understanding of the customer and buying processes, write a 2-3 page description of the major segments of the market and the specific...
Study smarter with the SolutionInn App