Homework Answers
| The journal entry to record sale is: | |||
| Debit | Credit | ||
| Cash | 6420 | ||
| Sales | 6000 | ||
| Sales tax payable | 420 | =6000*7% | |
| Option C Sales tax payable for $420 is correct | |||
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Merchandise is sold for cash The price of the mechanis 56.000 de leit e The y...
Merchandise is sold for cash. The selling price of the merchandise is $2,700, and the sale...
Merchandise is sold for cash. The selling price of the merchandise is $2,700, and the sale is subject to a 6% state sales tax. The journal entry for the sale would include a credit to Oa. Sales Tax Payable for $162 Ob. Sales for $2,562 Oc. Sales for $2.538 Od. Cash for $2,700
Merchandise is sold for cash. The selling price of the merchandise is $3,200 and the sale...
Merchandise is sold for cash. The selling price of the merchandise is $3,200 and the sale is subject to a 6% state sales tax. The Journal entry to record the sale would include a credit to Oa. Cash for $3,200 Ob. Sales Tax Payable for $192 c. Sales for $3,008 Od. Sales for $3,392
Calculator Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the...
Calculator Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include credit to Ca. Cash for $3,700 b. Sales Tax Payable for $259 c. Sales for $3.959 d. Sales for $3,700 The inventory data for an item for November are: Nov. 1 Inventory 24 units at $20 4 Sold 9 units 10 Purchased 35 units at $22...
Julie Convenience Store sold merchandise for cash to a customer, and recorded a debit to Cash...
Julie Convenience Store sold merchandise for cash to a customer, and recorded a debit to Cash for $371, which included a 6% Sales tax. In the same transaction, they must also: A) credit Sales Revenue for 300 B) credit Sales Tax Payable for $22.26 C) credit Sales Tax Payable for $21 D) credit Sales Revenue for $371 E) credit Sales Revenue for $393.26
If merchandise costing $500 that was sold for cash at a price of $620 is returned...
If merchandise costing $500 that was sold for cash at a price of $620 is returned by the customer, how would this transaction recorded when using a perpetual inventory system? Multiple Choice O Debit Cash and credit Sales Revenue for $620 O Debit inventory and credit Cost of Goods Sold for $620. O Debit Sales Revenue and credit Cash for $620, debit Cost of Goods Sold and credit Inventory for $500. O Debt Sales Revenue and credit Cash for $620,...
Question 11 (0.5 points) Enochs Sporting Goods made cash sales of merchandise with a retail price...
Question 11 (0.5 points) Enochs Sporting Goods made cash sales of merchandise with a retail price of $3,000 on a Saturday and collected a 5% sales tax. The journal entry to record the sales and collection of the sales tax is O debit Sales Revenue $3,000; debit Sales Tax Payable $150; credit Cash $3,150. debit Sales Revenue $3,150; credit Cash $3,000; credit Sales Tax Payable $150. debit Cash $3,150; credit Sales Revenue $3,000; credit Sales Tax Payable $150. debit Cash...
Part one (Sales taxes Payable) Record the cash sale of merchandise on September 30th. The merchandise...
Part one (Sales taxes Payable) Record the cash sale of merchandise on September 30th. The merchandise was sold for $12,000 and had a cost of $7,000. (You may ignore the cost information if we have not yet covered cost of goods sold in the course.) Tax rate is 5%. Record the remittance of the sales taxes to the state on October 30th.
Dute May 5 Sciences de $10000 de Sold merchandise on credit to Clements for $11,000 terms...
Dute May 5 Sciences de $10000 de Sold merchandise on credit to Clements for $11,000 terms 1/10, 1/30 cost of goods 510 200 May 14 Scence Suportes paid to ship the goods to Elements May 16 Elements Corp returned $600 sales price of merchandise purchased May 14th, cost $450 May 17 Received payment from Elements for May 14th sale. May 18 Sold merchandise on credit to Litmus for $7.000, terms 2/10, 1/30, cost of goods May 26 Litmus kept the...
1) 2) 3) Gross Profit During the current year, merchandise is sold for $100,000 cash and...
1)
2)
3)
Gross Profit During the current year, merchandise is sold for $100,000 cash and $505,400 on account. The cost of merchandise sold is $423,800. What is the amount of the gross profit? Purchases Transactions Rolfes Company purchased merchandise on account from a supplier for $11,100, terms 2/10, n/30. Rolfes Company returned $2,300 of the merchandise and received full credit. a. If Rolfes Company pays the invoice within the discount period, what is the amount of cash required for...
Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and...
Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. Use a new set of accounts for each part, If required, round your answers to two decimal places. 5% sales tax, with returned merchandise.(a) Merchandise is sold on account for $400 plus sales tax.(b) Merchandise sold on account for $60 plus sales tax is returned for a credit.(c) Balance on account is received in cash.(d) Merchandise is...
Merchandise is sold for cash. The selling price of the merchandise is $2,700, and the sale is subject to a 6% state sales tax. The journal entry for the sale would include a credit to Oa. Sales Tax Payable for $162 Ob. Sales for $2,562 Oc. Sales for $2.538 Od. Cash for $2,700
Merchandise is sold for cash. The selling price of the merchandise is $3,200 and the sale is subject to a 6% state sales tax. The Journal entry to record the sale would include a credit to Oa. Cash for $3,200 Ob. Sales Tax Payable for $192 c. Sales for $3,008 Od. Sales for $3,392
Calculator Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include credit to Ca. Cash for $3,700 b. Sales Tax Payable for $259 c. Sales for $3.959 d. Sales for $3,700 The inventory data for an item for November are: Nov. 1 Inventory 24 units at $20 4 Sold 9 units 10 Purchased 35 units at $22...
If merchandise costing $500 that was sold for cash at a price of $620 is returned by the customer, how would this transaction recorded when using a perpetual inventory system? Multiple Choice O Debit Cash and credit Sales Revenue for $620 O Debit inventory and credit Cost of Goods Sold for $620. O Debit Sales Revenue and credit Cash for $620, debit Cost of Goods Sold and credit Inventory for $500. O Debt Sales Revenue and credit Cash for $620,...
Question 11 (0.5 points) Enochs Sporting Goods made cash sales of merchandise with a retail price of $3,000 on a Saturday and collected a 5% sales tax. The journal entry to record the sales and collection of the sales tax is O debit Sales Revenue $3,000; debit Sales Tax Payable $150; credit Cash $3,150. debit Sales Revenue $3,150; credit Cash $3,000; credit Sales Tax Payable $150. debit Cash $3,150; credit Sales Revenue $3,000; credit Sales Tax Payable $150. debit Cash...
Dute May 5 Sciences de $10000 de Sold merchandise on credit to Clements for $11,000 terms 1/10, 1/30 cost of goods 510 200 May 14 Scence Suportes paid to ship the goods to Elements May 16 Elements Corp returned $600 sales price of merchandise purchased May 14th, cost $450 May 17 Received payment from Elements for May 14th sale. May 18 Sold merchandise on credit to Litmus for $7.000, terms 2/10, 1/30, cost of goods May 26 Litmus kept the...
1)
2)
3)
Gross Profit During the current year, merchandise is sold for $100,000 cash and $505,400 on account. The cost of merchandise sold is $423,800. What is the amount of the gross profit? Purchases Transactions Rolfes Company purchased merchandise on account from a supplier for $11,100, terms 2/10, n/30. Rolfes Company returned $2,300 of the merchandise and received full credit. a. If Rolfes Company pays the invoice within the discount period, what is the amount of cash required for...
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