American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plussales tax of $1,100. What is the journal entry for American Steel to record this transaction?Debit Sales, $15,550; Credit Accounts Receivable/Sky Builders, $15,550.O Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit AccountsReceivable/Sky Builders, $15,550.O Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales Returns and Allowances,$14,450, Sales Tax Payable, $1,100.Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales, $15,550.%24

Sales Return - Sales Return is the sales made by the company due to some defect or quality issue…

American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus sales tax of $1,100. What is the journal entry for American Steel to record this transaction? Debit Sales, $15,550; Credit Accounts Receivable/Sky Builders, $15,550. Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100. O Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales, $15,550.

American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus sales tax of $1,100. What is the journal entry for American Steel to record this transaction? Debit Sales, $15,550; Credit Accounts Receivable/Sky Builders, $15,550. Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100. O Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales, $15,550.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 3E: Record the following transactions in general journal form. a. Sold merchandise on account to A....

See similar textbooks

Similar questions

Record the following transactions in general journal form. a. Sold merchandise on account to A. Bauer, 680 plus 54.40 sales tax (invoice no. D446). b. Bauer returned 105.50 of the merchandise. Issued credit memo no. 114 for 113.94 (105.50 for the amount of the sale plus 8.44 for the amount of the sales tax).
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for $11,600. Pierce prepaid the $221 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $11,600; Sales, credit $11,600 b.Accounts Receivable—Stanton, debit $11,821; Sales, credit $11,821 c.Accounts Receivable—Stanton, debit $11,600; Sales, credit $11,600, and Delivery Expense, debit $221; Cash, credit $221 d.Accounts Receivable—Stanton, debit $11,368; Sales, credit $11,368, and Accounts Receivable—Stanton, debit $221; Cash, credit $221
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $19,600; Sales, credit $19,600, andAccounts Receivable—Stanton, debit $500; Cash, credit $500 b.Accounts Receivable—Stanton, debit $20,000; Sales, credit $20,000 c.Accounts Receivable—Stanton, debit $20,000; Sales, credit $20,000, andDelivery Expense, debit $500; Cash, credit $500 d.Accounts Receivable—Stanton, debit $20,100; Sales, credit $20,100
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for $11,300. Pierce prepaid the $272 shipping charge. Which of the following entries does Pierce make for this sale? Oa. Accounts Receivable-Stanton, debit $11,300; Sales, credit $11,300 Ob. Accounts Receivable-Stanton, debit $11,572; Sales, credit $11,572 Oc. Accounts Receivable-Stanton, debit $11,300; Sales, credit $11,300, and Delivery Expense, debit $272; Cash, credit $272 Od. Accounts Receivable-Stanton, debit $11,074; Sales, credit $11,074, and Accounts Receivable-Stanton, debit $272; Cash, credit $272
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.
Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge. Which of the following entries does Pierce make to record this sale? O Accounts Receivable-Stanton, debit $20,000; Sales, credit $20,000 O Accounts Receivable-Stanton, debit $19,600; Sales, credit $19,600, and Accounts Receivable-Stanton, debit $500; Cash, credit $500 O Accounts Receivable-Stanton, debit $20,100; Sales, credit $20,100 O Accounts Receivable-Stanton, debit $20,000; Sales, credit $20,000, and Delivery Expense, debit $500; Cash, credit $500
Abbey Co. sold merchandise to Gomez Co. on account, $29,800, terms 2/15, net 45. The cost of the goods sold was $15,731. Abbey Co, issued a credit memo for $3,600 for merchandise returned that originally cost $1,484. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? O s11,429 O $14,957 O $14.247 O $3,600 Previous Next 6:26 PM 38 3/22/2021
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.
A company receives $696, of which $56 is for sales tax. The journal entry to record the sale would include a Select one: a. debit to Cash for $996. b. debit to Sales Taxes Payable for $56. c. debit to Sales Tax Expense for $56. d. The answer does not exist e. debit to Sales Revenue for $696.