A retailer recorded the following in July: cash sales $3,500; credit sales, $12,000; sales returns and allowances, $1,500. Assuming the sales tax rate is 8%, calculate the amount to record as Sales Tax Payable.
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- Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?The following information relates to Eva Co's sales tax for the month of March 20X3: $ 109,250 Sales (including sales tax) Purchases (net of sales tax) 64,000 Sales tax is charged at a flat rate of 15%. Eva Co's sales tax account showed an opening credit balance of $4,540 at the beginning of the month and a closing debit balance of $2,720 at the end of the month. What was the total sales tax paid to regulatory authorities during the month of March 20X3?
- The following information relates to Eva Co's sales tax for the month of March 20X3:$Sales (including sales tax) 109,250Purchases (net of sales tax) 64,000Sales tax is charged at a flat rate of 15%. Eva Co's sales tax account showed an opening credit balanceof $4,540 at the beginning of the month and a closing debit balance of $2,720 at the end of themonth.What was the total sales tax paid to regulatory authorities during the month of March 20X3?Putman Company had cash sales of $75,950 (including taxes) for the month of June. Sales are subject to 8.5% sales tax.Prepare the entry to record the sale. Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amountDuring December, Far West Services makes a $3,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable.
- Ivanhoe Company had cash sales of $77,328 (including taxes) for the month of June. Sales are subject to 8.00% sales tax. Prepare the entry to record the sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit CreditA seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.During the month of September, the following transactions occurred. The applicable sales tax rate is 6%. Sept. 2 Sold merchandise on account to Sam Larson, $1,400, plus sales tax. 7 Sold merchandise on account to David Mitchell, $1,900, plus sales tax. 12 Issued credit memorandum to Sam Larson for $689, including sales tax of $39. 22 Sold merchandise on account to Matt Feustal, $500, plus sales tax. 28 Sold merchandise on account to Ana Cardona, $850, plus sales tax. Enter the transactions in the general journal. If an amount box does not require an entry, leave it blank.
- During the month of September, the following transactions occurred. The applicable sales tax rate is 6%. Sept. 2 Sold merchandise on account to Sam Larson, $1,400, plus sales tax. 7 Sold merchandise on account to David Mitchell, $1,900, plus sales tax. 12 Issued credit memorandum to Sam Larson for $689, including sales tax of $39. 22 Sold merchandise on account to Matt Feustal, $500, plus sales tax. 28 Sold merchandise on account to Ana Cardona, $850, plus sales tax. Enter the transactions in the general journal. If an amount box does not require an entry, leave it blank. Page: 1During the month of September, the following transactions occurred. The applicable sales tax rate is 6%. Sept. 2 Sold merchandise on account to Sam Larson, $1,400, plus sales tax. 7 Sold merchandise on account to David Mitchell, $1,900, plus sales tax. 12 Issued credit memorandum to Sam Larson for $689, including sales tax of $39. 22 Sold merchandise on account to Matt Feustal, $500, plus sales tax. 28 Sold merchandise on account to Ana Cardona, $850, plus sales tax. Enter the transactions in the general journal. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 Sept. 2 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 2 3 fill in the blank 8 fill in the blank 9 3 4 Sept. 7 fill in the blank 11 fill in the blank 12 4 5 fill in the blank 14 fill in the blank 15 5 6 fill in the blank 17 fill in the…Hallmark Cards, Inc. records sales and sales tax separately. On May 1, Jay’s Hallmark Shop in New York had sales on account of $2,540 and cash sales of $2,420. The state sales tax is 7%. The journal entry to record the sales. Account Name Debit Credit
