HHEC.com is responsible for collecting sales tax on the products it sells. In addition, it often collects

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HHEC.com is responsible for collecting sales tax on the products it sells. In addition, it often collects money from customers for goods that are on “backorder.” Unfortunately, Sophia is unfamiliar with how these transactions should be recorded.

Use the list of transactions involving the sale of merchandise and the collection of sales tax and the receipt of money from customers for goods that are on “backorder,” and record them in the general journal. This information can be found in the provided Excel spreadsheet.

ННЕС Task 6: HHEC.com is responsible for collecting sales tax on the products it often collects money from customers for goods that are on backorder. hia is unfamiliar with how these transactions should be recorded HAPPY HOME Environmental Cleaning ННЕС.Com enters sales and sales taxes separately in its computerized accounting system. HHEC accounting system shows total sales of $420,00, and the sales tax rate is 5%. On November 1, collects 120,000 in advance for a 12-month subsription to its cleaning products Prepare the entry to record the sales transactionsand the related sales taxes. Prepare the entry in November for the receipt of the subscription revenue. Then prepare the adjusting entry at December 31, Year 3 to record the subscription/sales revenue earmed in Year 3 Year 3 to record the subscription/sales revenue earned in Year 3 Answers:

Posted Date: Nov 17, 2021 03:32 PM

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HHEC.com is responsible for collecting sales tax on the products it sells. In addition, it often collects

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Journal Entries in the books of HHEC Date or Sl No Ledger Folio No Debit Particulars 1 Accounts Rece... View the full answer

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