ournalize the entries to record the following selected transactions: (a) Sold $ 2,000 of merchandise on account, subject to 6.25% sales tax. The cost of the merchandise sold was $ 1,500. (b) Paid $ 120 to the state sales tax department for taxes collected.
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Sold $ 2,000 of merchandise on account, subject to 6.25% sales tax. The cost of the merchandise sold was $ 1,500. |
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Paid $ 120 to the state sales tax department for taxes collected. |
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- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. a. Sold $64,300 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $37,000. b. Paid $40,740 to the state sales tax department for taxes collected.Journalize the entries to record the following selected transactions: i. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold 0. was $510. ii. Paid $436 to the state sales tax department for taxes collected. Date Description Post. Debit Credit Ref. -C 121 Review Bununo
- 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…Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $61,700 of merchandise on account, subject to a sales tax of 6%. The cost of the goods sold was $38,720. B. Paid $40,670 to the state sales tax department for taxes collected. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales…Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $5,100 of merchandise on account, subject to a sales tax of 7%. The cost of merchandise sold was $3,010. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Paid $47,320 to the state sales tax department for taxes collected.
- Merchandise is sold for cash. The selling price of the merchandise is $3,800 and the sale is subject to a 8% state sales tax. The journal entry to record the sale would include a credit to a.Cash for $3,800 b.Sales for $3,496 c.Sales for $4,104 d.Sales Tax Payable for $304Merchandise is sold for cash. The selling price of the merchandise is $5,100 and the sale is subject to a 6% state sales tax. The journal entry to record the sale would include a credit to a.Cash for $5,100 b.Cash for $5,406 c.Sales Tax Payable for $306 d.Sales for $5,406Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $486,000 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $286,740. If an amount box does not require an entry, leave it blank. b. Paid $42,780 to the state sales tax department for taxes collected. If an amount box does not require an entry, leave it blank. Check My Work ▾ Previous Next
- 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.Sales tax transactions Journalize the entries to record the following selected transactions:A. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $385,000.B. Paid $61,750 to the state sales tax department for taxes collectedMerchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 8% state sales tax. The journal entry to record the sale would include a credit to Oa. Sales Tax Payable for $296 Ob. Sales for $3,996 Oc. Sales for $3,404 Od. Cash for $3,700