Cantrell Company is required by law to collect and send sales taxes to the state. If Cantrell

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

Question:

Cantrell Company is required by law to collect and send sales taxes to the state. If Cantrell has $

9, 500

of cash sales that are subject to an

9 %

sales tax, what is the journal entry to record the cash sales?

Related Book For answer-question

Price theory and applications

ISBN: 978-0538746458

8th edition

Authors: Steven E landsburg

See More Books

Posted Date: May 14, 2024 02:53 AM

See More Questions

Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $3,000 of cash sales that are subject to an 8% sales tax, what is the journal entry to record the...
1. Which of the following represents the normal sequence in which the indicated budgets are prepared? A. Direct Materials, Cash, Sales B. Production, Cash, Income Statement C. Sales, Balance Sheet,...
The following selected financial information was obtained from the 2012 financial reports of Robotranics, Inc. and Technology, Limited: Assume that total assets, total liabilities, and total...
Dalton Inc. has an 11.5 percent return on equity and retains 55 percent of its earnings for reinvestment purposes. It recently paid a dividend of $ 3.25 and the stock is currently selling for $ 40....
A researcher studying the effects of different learning techniques upon memory hypothesizes people learn better when training is distributed over time rather than massed all at once. She conducts an...
The Fancy Umbrella Company makes recyclable beach umbrellas. The production process requires 3 square meters of plastic sheeting and a metal pole. The plastic sheeting costs $$0.50$ per square...
(Kellogg's) acquired 75% of the outstanding stock of Wholesome & Hearty Foods ("Wholesome") at the end of 2007, for cash and stock totaling $120 million. Assume that Wholesome's assets and...
Financial Statement Analysis Study the financial statements and other information for two public companies that belong to the same industry (eg General Motors and Ford) and are listed on an American...
Make Me Perfect is an article by Celine Tee You need to do critical analysis of this article by using the "Elements of Literature".
Who are the Sumerians? What do we know about them? While reading Gilgamesh you should be able to draw a mental sketch of this early civilization and its people. Isolate instances in the text when the...
You purchased a 12% coupon bond with a face value of $1,000, and 6 years to maturity a year ago for $975. If you sell it today for $985, what rate of return do you earn on your investment?
What is meant by the concept of "Integrated Flight Instruction? Please use two fully developed paragraphs and provide both a definition of "integrated flight instruction" as well as how you might use...
You have just borrowed $67,500 on margin to buy shares in BCE, which is currently quoting as the bid price of $29.99 bid and the ask price of $30.00 ask per share. The minimum margin is 35%, and your...
The upper leg muscle (quadriceps) exerts a force of FQ = 1120 N, which is carried by a tendon over the kneecap (the patella) at the angles shown in the figure below. 55 Fa 75 Find the magnitude in...
Demonstrate why taxation is important.
White Bolder Investments (WBI) You are an intern working for WBI, a large investment advisory services in Sydney. Among other regular customers, WBI has been providing advisory services for Jumbo...
What are some inherent risk factors that may affect purchase and payroll assertions?
What is the sequence of functions normally associated with processing of purchase transactions? For each function, identify one control.
For each of the six functions associated with processing payroll, identify one control.

Cantrell Company is required by law to collect and send sales taxes to the state. If Cantrell

Question:

Expert Answer:

To record the cash sales subject to sales tax we need to make two journal entries one ... View the full answer

Price theory and applications

Students also viewed these accounting questions