Periwinkle Company sold merchandise for $448; this price does not include sales tax. The state sales tax

Question:

Periwinkle Company sold merchandise for $448; this price does not include sales tax. The state sales tax rate is 6.25%. Make the journal entry necessary to record this transaction.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

See More Books

Question Posted: Dec 30, 2011 03:30 AM

See More Questions

Refer to Practice 10-6. Make the journal entry necessary to record total interest paid for the year. Assume that all of the interest was paid in cash on December 31.
"Mrs. Baird's Bread is made with love. It is like my grandmother is making it in her kitchen." This statement is an example of a(n): Multiple Choice O dramatization. O imagery. O metaphor. O...
Make the journal entry necessary to record the sale of 175 books at $29 per book. Ninety-five of the books were sold for cash, and 80 were sold on credit.
Reference frame S is moving along the x axis at 0.6c relative to frame S. A particle that is originally at x = 10 m at t 1 = 0 is suddenly accelerated and then moves at a constant speed of c/3 in...
The law firm of Matadin and Howe relies heavily on a colour laser printer to process the paperwork. Recently the printer has not functioned well and print jobs were not being processed. Management is...
Own debentures account will appear on the ___________ side of the balance sheet.
Could an extend use case have a primary actor? Explain.
The CFO of Turing Corporation is very uncomfortable with its current risk exposure related to the possibility of business disruptions. Specifically, Turing is heavily involved in e- business, and its...
The following dataset on supermarket sales is obtained from Kaggle. It contains a sample dataset from the internal database of a supermarket from three different branches for three months. The...
Computer Village sells computer equipment and home office furniture. Currently the furniture product line takes up approximately 50 percent of the company's retail floor space. The president of...
Using the following numbers, compute pension expense. Expected return on fund assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 495 Pension benefit obligation . . . . . . ....
Azure Company paid $10,800 in advance for one year of property taxes on September 24. The property taxes are for the one-year period beginning October 1. Make the journal entries necessary to record...
Sunco Oil produces oil at two wells. Well 1 can produce up to 150,000 barrels per day, and well 2 can produce up to 200,000 barrels per day. It is possible to ship oil directly from the wells to...
A privately held firm called RoverX is considering an IPO and has hired you to estimate an approximate price per share of its equity. The firm's sales are $700 million, EBITDA is $275 million and net...
Lisa (25 years old) studied music education in college and graduated a year ago. She currently works as a music teacher at a year-round private middle school. Her gross pay is $33,000 a year, or...
. ABC Co., makes and markets cars and toothpaste. It is considering a new factory to manufacture televisions. The details of this 5-year project (i.e. initial investment followed by 5 years of...
Determine the retirement savings you will have in 5, 10, and 20 years considering the retirement options provided by each employer in the job opportunity letters. If your employer matches your...
ABC Inc. currently has debt of $75 million and equity of $25 million for a total value (i.e. value of the levered firm, VL) of $100 million. The firm's cost of debt is 4% and it pays a corporate tax...
What are the pros and cons of the three different pairing assignment methods used by airlines.
Nitrogen monoxide reacts with hydrogen as follows: 2NO(g)+ H2(g) N2O(g) + H2O(g) The rate law is [H2]/ t = k[NO]2[H2], where k is 1.10 107 L2/(mol2s) at 826oC. A vessel contains NO and H2 at...
The analysis of a hydrocarbon revealed that it was 85.7% C and 14.3% H by mass. When 1.77 g of the gas was stored in a flask of volume 1.500 L at 17C, it exerted a pressure of 508 Torr. What is the...
The Southern Guru Copper Company operates a large mine in a South American country. A National Assembly said in a speech that most of the capital for the mining operation was provided by loans from...
An insurance company is offering to sell an annuity for $20,000 cash. In return the firm will guarantee to pay the purchaser 20 annual end-of-year payments, with the first payment amounting to $1100....
A bank proudly announces that it has changed its interest computation method to continuous compounding. Now $2000 left in the bank for 9 years will double to $4000. (a) What nominal interest rate,...
ABC Inc. curently has a share price of $44. If they are paying a dividend of $1.13, with a cum dividend date of November 1, would would you expect their share price to be on November 2nd? Please give...
Does China benefit from a weak currency?Does Us benefit from a strong currency? Why? Please explain
You purchased 10 ASD June 45 puts and the company declares a 10% stock dividend. How are the terms of the option contract then changed?

Periwinkle Company sold merchandise for $448; this price does not include sales tax. The state sales tax

Question:

Step by Step Answer:

Cash 476 Sales Re...View the full answer

Accounting concepts and applications

Students also viewed these Accounting questions