K-Smart offers layaway to its customers. A layaway payment is received for $75.00 on 10/1/2021 on...
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K-Smart offers layaway to its customers. A layaway payment is received for $75.00 on 10/1/2021 on a bicycle with a purchase price of $235.00. The bicycle was purchased by K-Smart for $177.77. A second layaway payment is made on 11/1/2021 for $72.00. A third layaway payment is made on 12/1/2021 for $51.00. On the 12/15/2021, the bicycle is picked by the customer at which time, the 6.5% sales tax is charged. What will be the general journal entry on 12/15/2021 for K-Mart? K-Smart offers layaway to its customers. A layaway payment is received for $75.00 on 10/1/2021 on a bicycle with a purchase price of $235.00. The bicycle was purchased by K-Smart for $177.77. A second layaway payment is made on 11/1/2021 for $72.00. A third layaway payment is made on 12/1/2021 for $51.00. On the 12/15/2021, the bicycle is picked by the customer at which time, the 6.5% sales tax is charged. What will be the general journal entry on 12/15/2021 for K-Mart?
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To record the transaction on December 15 2021 when the bicycle is picked up by the customer and sale... View the full answer
Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Posted Date:
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