Journalize each item below 1. The register tape of Martin Co. indicated sales of $8,500. Assuming...
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Journalize each item below 1. The register tape of Martin Co. indicated sales of $8,500. Assuming a sales tax rate of 10%, journalize this economic event. Date Accounts Ref Debit Credit 2. On March 1, Lucy Co. sold 1500 yearly subscriptions of its monthly magazine to customers for $20 each. On April 1, customers received their first subscription of the magazine. Prepare the journal entries for March 1 and April 1. Date Accounts Ref Debit Credit 3. Charlie Co. sells 1,000 printers at a price of $175 each. The selling price includes a warranty (1 year) on parts. Keauble expects that 3% of the printers will be defective and that warranty repair costs will be $65 per unit. Complete the following: a. Journalize the sale (assume a 8% sales tax rate) b. Estimate, and then journalize the warranty liability. Date Accounts Ref Debit Credit Journalize each item below 1. The register tape of Martin Co. indicated sales of $8,500. Assuming a sales tax rate of 10%, journalize this economic event. Date Accounts Ref Debit Credit 2. On March 1, Lucy Co. sold 1500 yearly subscriptions of its monthly magazine to customers for $20 each. On April 1, customers received their first subscription of the magazine. Prepare the journal entries for March 1 and April 1. Date Accounts Ref Debit Credit 3. Charlie Co. sells 1,000 printers at a price of $175 each. The selling price includes a warranty (1 year) on parts. Keauble expects that 3% of the printers will be defective and that warranty repair costs will be $65 per unit. Complete the following: a. Journalize the sale (assume a 8% sales tax rate) b. Estimate, and then journalize the warranty liability. Date Accounts Ref Debit Credit
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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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