On March 25, Osgood Company sold merchandise on account, $4,900, terms n/30. The applicable sales tax percentage is 5%. Required: Record the transaction. Refer to the Chart of Accounts for exact wording of account titles
Q: Karla Company provided the following information for the current year: Purchases Purchase returns…
A: A firm, at the end of the period, prepares financial statements in which income statement is…
Q: On July 5, Brenner Company recorded sales of merchandise inventory on account, $25,000. The sales…
A: Sales tax is levied on the merchandise sold. Sales tax is collected from the buyer and is paid to…
Q: Presented below are transactions related to Splish Brothers Inc.. 1. On December 3, Splish…
A: 4% discount offered by the supplier if the buyer pays within 10 days, and full payment is required…
Q: he following data were taken from the accounts of Fluter Hardware, a small retail business. Sales…
A: Net sales = sales - Sales returns and allowances - Sales discounts Net Purchase = Purchase -…
Q: A sale of merchandise on account for $15,750 is subject to a 7% sales tax. (a) Should the sales tax…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Sims Company regularly sells merchandise to Laurier Supply on terms 2/15, n/30 and records sales at…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: During the month of September, the following transactions occurred. The applicable sales tax rate is…
A: Journal entries: Journal entries record the transactions of a business. It presents transactions…
Q: Stockton Company sold goods on account with a sales price of $70,000 on August 17. The terms of the…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on…
A: Tax is calculated on the income earned and paid to the government that acts as the revenue for the…
Q: On March 25, Osgood Company sold merchandise on account, $2,700 terms n/30. The applicable sales tax…
A: Accounts receivable = Sold amount*(1+Tax rate) Accounts receivable = $2,700*(1+7%) Accounts…
Q: ournalize the entries to record the following selected transactions: (a) Sold $ 2,000 of…
A: Definition: Journal: Journal is the method of recording monetary business transactions in…
Q: On March 25, Osgood Company sold merchandise on account, $4,200 terms n/30. The applicable sales tax…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with…
A: Sales discounts = Gross price x rate of discount
Q: Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts…
A: Sales tax payable = Sales x Sales tax rate = $64,400 x 4% = $2,576
Q: The following are taken from the record of ABM Company for the year ended December 31, 20X2: DEBIT…
A: Hi student Since there are multiple subparts, we will answer only three subparts.
Q: The following transactions are for Kingbird Company. 1. On December 3, Kingbird Company sold…
A: Perpetual Inventory System: The perpetual inventory system involves tracking inventory after every,…
Q: The following were selected from among the transactions completed by Essex Company during March of…
A: Journal entries are passed following the golden rules of accounting Debit all assets and expenses…
Q: he following selected transactions were completed by Amsterdam Supply Co., which sells office…
A:
Q: Journalize the entries to record the following selected transactions:a. Sold $62,800 of merchandise…
A: a.Journal entry to record Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The…
Q: The following transactions are for Kingbird Company. On December 3, Kingbird Company sold $473,800…
A: The journal entries under perpetual inventory system are presented hereunder :
Q: ournalize the entries to record the following selected transactions. Refer to the Chart of Accounts…
A: Sales tax on sale = $64,300*5% Sales tax on sale = $3,215
Q: During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of…
A: The Gross Profit is figured by deducting the Cost of goods sold (COGS) from Total Sales. It is also…
Q: The following are taken from the record of ABM Company for the year ended December 31, 20X2: CREDIT…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Abbey Co. sold merchandise to Gomez Co. on account, $35,000, subject to a sales tax of 5%. The cost…
A: Sales tax payable = Sales x sales tax rate
Q: The following transactions are for Blossom Company. 1. On December 3, Blossom Company sold…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: A company reported the following balances in some selected accounts: Purchases $ 18,000, Cost of…
A: Net Sales = Sales – Sales Discount Net Sales = 35,000 – 1,500 = $33,500
Q: On November 11, Holy Grounds Coffee sold $1,872 of coffee beans on account to a customer, terms of…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: Lenore Loqueque Homewares engaged in the following transactions in October: Sold merchandise on…
A: In the periodic inventory system of valuing inventory, the company need not maintain a detail record…
Q: The following transactions are for Kingbird Company. 1. On December 3, Kingbird Company sold…
A: Introduction: Journal: Recording of a business transactions in a chronological order. Fist step in…
Q: A sale of merchandise on account for $36,000 is subject to an 8% sales tax. (a) Should the sales tax…
A: a) State whether the sales tax should be recorded at the time of sale or when payment is…
Q: On October 4, 2006, an Corporation had credit sales transactions of $4,800 from merchandise having…
A: When sales are made to customers, then the sales and cost of goods sold transactions are recorded in…
Q: The following were selected from among the transactions completed by Strong Retail Group dur ing…
A: Since we only answer up to 3 subparts, we will answer the first 3. Please resubmit the question and…
Q: Record the following transactions for Brook’s Floor and Tile Supply in general journal form. July…
A: Entry 1:
Q: Journalize the entries to record the following selected transactions: i. Sold $900 of merchandise on…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: During the month of September, the following transactions occurred. The applicable sales tax rate is…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: D. The following selected account balances were taken from the records of J. Gucela Company, for the…
A: Q1. Computation of Input Tax: given, VAT @ 12% Particulars Amount Purchase 100000…
Q: Sales Tax Transactions Journalize the entries to record the following selected transactions.…
A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…
Q: Swisher Company sold inventory with a selling price of $5,000 to customers for cash.It also…
A: To record Sales Tax received from customer, Debit cash account account Credit sales revenue account…
Q: Use the following transactions to answer the questions. Use a 6% sales tax rate. Total ar rule the…
A: SOLUTION- SALES…
Q: Use the following transactions to answer the questions. Use a 7% sales tax rate. Total and rule the…
A: Sales Journal preparation Sales Journal page 1 Date Sale No To Whom Sold Post Ref.…
Q: Alexis Company has total credit sales proceeds of $4,515 in the check-out till. If the proceeds…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: The following selected transactions were completed by Amsterdam Supply Co., which sells office…
A: What is meant by journal entries? It is the first step to record the financial transactions in the…
Q: The following were selected from among the transactions completed by Essex Company during March of…
A: Discount on payment received from Parsley Co. = Amount receivables x discount rate = $32,000 x 1% =…
Q: Record the following transactions on the books of Cheyenne Corp. (a) On July 1, Cheyenne Corp.…
A: Sales discount = Net sales x discount rate where, Net sales = Sales - sales return
Q: Sales revenue for a sporting goods store amounted to $526,000 for the current period. All sales are…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Record the following transactions on the books of K Company (a) On June 1, K Company sold…
A: Goods were sold on June 1 under the discounting terms of 2/10,n/30. This means, if M Company pays…
Q: On July 5, Williams Company recorded sales of merchandise inventory on account, $55,000. The sales…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Record the transaction. Refer to the Chart of Accounts for exact wording of account titles. |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of sale, Smith includes the combined amount of both sales and sales tax in the sales account. At the end of May, Smiths sales account for May has a credit balance of 540,000. Prepare the sales tax adjusting journal entry for the end of May.On March 25, Osgood Company sold merchandise on account, $2,900, terms n/30. The applicable sales tax percentage is 8%. Record the transaction. If an amount box does not require an entry, leave it blank.On March 25, Osgood Company sold merchandise on account, $4,100, terms n/30. The applicable sales tax percentage is 7%. Journalize this transaction. If an amount box does not require an entry, leave it blank. March 25
- Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $64,400 of merchandise on account, subject to a sales tax of 4%. The cost of the goods sold was $38,240. B. Paid $38,220 to the state sales tax department for taxes collected.On March 25, Osgood Company sold merchandise on account, $2,900, terms n/30. The applicable sales tax percentage is 5%. Required: Record the transaction. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Osgood Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customer Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534…On March 1, Sather Co. sold merchandise to Boone Co. on account, $28,200, terms 2/15, n/30. The cost of the merchandise sold is $17,500. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles
- Record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510. b. Paid $436 to the state sales tax department for taxes collected. Required: Journalize the entries. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522…A sale of merchandise on account for $15,750 is subject to a 7% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received?At the time of sale (b) What is the amount recorded as sales? If required, round the answer to one decimal place.$ (c) What is the amount debited to Accounts Receivable? If required, round the answer to one decimal place.$ (d) What is the title of the account to which the $1,102.5 ($15,750 × 7%) is credited?Sales Tax PayableOn March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
- The entry to record a sale on account of merchandise of $300 subject to sales tax of 6% includes a debit to the a)Accounts Receivable account for $318. b)Sales tax Payable account for $18. c)Accounts Receivable account for $300. d)Cash account for $300 and a debit to the Sales Tax account for $18.On July 5, Feather Company recorded sales of merchandise inventory on account, $20,000. The sales were subject to sales tax of 9%. On August 15, Feather Company paid $1,200 of sales tax to the state. Requirements 1. Joumalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Jul. 5 Accounts Receivable Sales Revenue Sales Tax Payable To record sales revenue on account and the related sales tax. Requirement 2. Journalize the transaction to record the payment of saltax to the state. Date Aug. 15 Accounts and Explanation Debit Credit 21,800 20,000 1,800 Debit CreditDollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the sales amount to be recorded in the above transactions?