13. Of the items and services offered by the fictional landscaping firm in Chapter 6, which would generally not besubject to a sales tax?a. design servicesb. fountainsc. pumpsd. outdoor chairs14. When a transaction recorded in the Sales Receipt window includes sales tax, a defaulta. Sales Tax Payable; creditedb. Sales Tax Receivable; creditedaccount isC.Sales Tax Payable; debitedd. Sales Tax Receivable; debited15.In QuickBooks Online, the Sales Tax Center window is used to record thea.remittance of sales tax charged to customers to the proper tax agency.b. amount of sales tax owed by customers purchasing on account.C.amount of sales tax collected from customers during the current period.d. amount of sales tax collected from customers paying with cash.

The objective of the first question is to identify which items or services offered by a landscaping…

Answered: 13. Of the items and services offered…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective product
Problem 4-4 (ACP) Fiancee Company records sales return during the year as a credit to accounts receivable. However, at the end of the accounting period, the entity estimates the probable sales return and records the same by means of an allowance account. The following transactions occurred in summary form: 1. Sale of merchandise on account, 2/10, n/30 2. Collection within the discount period 3. Collection beyond the discount period 4. Sales return granted 5. Sales return estimated at the end of the year 4,000,000 1,470,000 1,000,000 100,000 20,000 Required: Prepare journal entries to record the transactions. Problem 4-5 (IAA) On June 15, 2019, Romela Company sold 100 air conditioning units. The sale price for each unit is P45,000. All of sales are subject to terms 2/10, n30. The entity used the gross method of accounting for accounts receivable. Required: 1. Prepare journal entry to record the sale. 2. Prepare journal entry to record receipt of the payment assuming the correct amount…
atement this account. or Balance Account Name Account Type (*) Is this account part of Retained Earnings? Yes or No Normal Balance You increase with a Debit or Credit Write DEBIT or CREDIT. Financial Statement where you find this account. Write: Income Statement or Balance Sheet Prepaid Maintenance Prepaid Supplies Property Tax Property, plat & Equipment Rent Expense Retained Earnings Sales Sales Allowances Sales Discount Sales Revenue Sales Tax Payable Service Revenue Short Term Debt Telephone Expense Trademarks Travel Treasury Stock Utilities Wages Payable Work in Process Inventory
Question (3) Is entertainment expense likely to be reported differently on the business tax return than on the business financial statements? O Yes, entertainment expense is typically higher on the tax return. O Yes, entertainment expense is typically lower on the tax return. O No, entertainment expense is typically the same on both the tax return and the financial statements. Bookmark for review
Identify each of the following items relating to sections of an income statement as Revenue from Sales, Cost of Goods Sold, Selling Expenses, General Expenses, Other Income , or Other Expenses. Utilities Expense Advertising Expense Purchases Discounts Sales Returns and Allowances Interest Income Freight In Depreciation Expense, Equipment Interest Expense Rent Expense Sales Check My Work
A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: A. Compensating B. Ommission C. Reversal of entries O D. Original entry E. Commission O F. Principle
11. Which of the following accounts would be increased with a credit? a Supplies Expense b Supplies c Fees Earned d Withdrawals account
45. It is a revenue not yet earned but is collected in advance.A. Accrued Expense.B. Accrued RevenueC. Deferred ExpenseD. Deferred Revenue 46. Accrued revenues should be reported as:A. Assets on the balance sheet.B. Expenses on the income statement.C. Liabilities on the balance sheet.D. Revenues on the income statement.C. Received a bill from Campus News for P300 for advertising in the campus newspaper.D. Billed the Tiger Football Team P200 for cleaning and laundry services. 45. It is a revenue not yet earned but is collected in advance.A. Accrued Expense.B. Accrued RevenueC. Deferred ExpenseD. Deferred Revenue 46. Accrued revenues should be reported as:A. Assets on the balance sheet.B. Expenses on the income statement.C. Liabilities on the balance sheet.D. Revenues on the income statement. 47.A deferred revenue should be recorded by a:A. Buyer when a service is received on payment of cash...B. Seller when a customer pays for a service before the service is renderedC. Seller when a…

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