Bargain Surplus made cash sales during the month of October of $475,000. The sales are subject to a 6% sales tax that was also collected. The journal entry to reflect the sale transaction would include? (answer 22 and 23 below)   How much total cash was collected? Sales Tax Payable would be recorded at how much?

Q: Sales tax transactions Journalize the entries to record the following selected transactions:A. Sold…

A: All the transactions of the company that are happened during the year will be recorded first in the…

Q: During the month of June, Rowling Boutique ­recorded cash sales of $233,200 and credit sales of…

A:

Q: Bramble General Store has total receipts for the month of $34980 including sales taxes. If the sales…

A: SALES VALUETotal Sales Value Includes Sales Price Plus Sales Tax.Sales Tax Computed :=  Sales Value…

Q: ter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule…

A: Cash receipts journal in business shows all cash received during the particular period.

Q: Venus Corp. sold goods, with a selling price of $18,421, for cash. The state sales tax rate is 8%.…

A:

Q: An importer-trader had the following data in month. VAT not included: Landed cost on an importation…

A: Vat is the value added tax which is payable on those goods also which has been imported by the…

Q: During the month of September, the following transactions occurred. The applicable sales tax rate is…

A: Journal is the first place where a transaction is recorded. It contains record of transaction…

Q: During the month of June, Greencard Company recorded cash sales of $400,000 and credit sales of…

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: rchandise, and the total amount is credited to Sales. During January, Sales was credited $318,000.…

A: Adjustment entry is required to be passed at the end of the period to properly provide for the…

Q: On April 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Formula: Sales discount = Net sales x Discount rate

Q: Q4. A sale of merchandise on account for $5,000, terms n/30, is subject to an 8% sales tax. (a)…

A: Sales Tax - Sales Tax is the tax that charged by the the seller the customer. This is not the income…

Q: ournalize the entries to record the following selected transactions:   (a) Sold $ 2,000 of…

A: Definition: Journal: Journal is the method of recording monetary business transactions in…

Q: Julie's Boutique has total receipts for the month of $30,660 including sales taxes. If the sales tax…

A: Given : Total receipts including Sales tax = $ 30,660 Sales tax = 5 % Sales would be = Total…

Q: On July 5, Feather Company recorded sales of merchandise inventory on account, $20,000. The sales…

A: The journal entries are prepared to record the transactions on a regular basis. The sales tax…

Q: 8. Robin Hood, a trader, made the following transaction of goods, exclusive of vat during the second…

A: Value added tax(VAT) is a indirect tax it means valued added in goods and services sold and levied…

Q: During December, Far West Services makes a $5,000 credit sale. The state sales tax rate is 6% and…

A: Debit what comes in and credit what goes out Debit the receiver and credit the giver Debit all the…

Q: Sales taxes collected from customers are sent to the state at the end of each month. What journal…

A: Sales tax is that amount which is charge  by the seller from his customer. It is charge on every…

Q: Salada Inc. sold merchandise for cash totaling $12,860 which includes 8.5% sales taxes. Journalize…

A: Journal Entries Record All Business Transactions In Accounting Journal. It Is The First Step Of…

Q: NYFG, Inc.l has sales including sales taxes for the month of $445,200.  If the sales tax rate is…

A: Sales = Total sales / (1 + sales tax rate) = $445,200 / (1 + 0.06) = $420,000

Q: During December, Far Eas Services makes a credit sale of $2,200 (before sales taxes). The state…

A: Journal entry is the first stage of the accounting process.Journal entry is used to record business…

Q: ournalize the entries to record the following selected transactions. Refer to the Chart of Accounts…

A: Sales tax on sale = $64,300*5% Sales tax on sale = $3,215

Q: On July 15, Piper Co. sold $10,000 of merchandise (costing $5,000) for cash. The sales tax rate is…

A: Sales Tax Payable: Sales Tax  is levied on the sales made. It is collected by the seller from the…

Q: In performing accounting services for small businesses, you encounter the following situations…

A: Accounting equation :The accounting equation states that the total assets will equal the sum of…

Q: Blossom's Salon has total receipts for the month of $Unresolved including sales taxes. If the sales…

A: Sales  for the month = Total sales / ( 1 + Sales tax rate ) * 100

Q: Hallmark Cards, Inc. records sales and sales tax separately. On May 1, Jay’s Hallmark Shop in New…

A: Sales - Sales is a revenue earned by the company from sale of article or goods to the customer. The…

Q: On March 25, Osgood Company sold merchandise on account, $2,900, terms n/30. The applicable sales…

A: Term n/30 means the buyer of the merchandise is required to pay the full amount of invoice without…

Q: Salada Inc. sold merchandise for cash totaling $12,860 which includes 8.5% sales taxes. Journalize…

A: As per the given information:

Q: On January 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Sales discounts: The merchandisers offer a reduction in sales price on initial sales, to accelerate…

Q: Manuel Company had cash sales of $86,800 (including taxes) for the month of June. Sales are subject…

A: Solution: Amount of sales without tax = $86,800 * 100 / 108.50% = $80,000 Amount of sales tax =…

Q: A retailer sells merchandise for $500 cash on June 30 (cost of merchandise is $300). The retailer…

A: Sales tax collected = Cash sales x sales tax rate = $500 x 7% = $35

Q: Bagley Inc. had after-tax cash flows related to the purchase of inventory of $7,000 for September.…

A: Lets understand the basics.For converting after tax cashflow to before tax cashflow, we need to use…

Q: Calculate the actual sales since the sales and sales tax were rung up together. Assume sales tax of…

A: Sales is the amount of money or revenue collected by the entity by selling goods or providing…

Q: Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep…

A:

Q: sand Venus Corp. sold goods, with a selling price of $16,221, for cash. The state sales tax rate is…

A: Sale tax is amount of tax payable on the sale made. It is a source of revenue to the government of a…

Q: In performing accounting services for small businesses, you encounter the following situations…

A: Sales taxes payable is a liability. Increase in liabilities should be credited. Increases in…

Q: The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Sales Tax Transactions Journalize the entries to record the following selected transactions.…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: ​Kathy's Corner Store has total cash sales for the month of​ $34,000 excluding sales taxes. If the…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: During December, Far West Services makes a $3,600 credit sale. The state sales tax rate is 6% and…

A: Total Sales tax payable =  Sales revenue x sales tax rate = 3600 x (6+2.5)% = $306

Q: The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of…

A: SOLUTION- SALES TAX - IT IS IMPOSED ON THE PRICE OF SOME GOODS AND SERVICES . IT CHARGED AS A…

Q: Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts…

A: Sales tax payable = Sales x rate of tax

Q: NYFG, Inc.I has sales including sales taxes for the month of $742,000. If the sales tax rate is 6%,…

A: Sales tax is charged on the sales revenue. It is a consumption-based tax imposed by the government.…

Q: Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule…

A: Cash receipts journal: This journal is used for recording cash transactions of a business which…

Q: LaRoe Lawns’ inventory increased during the year by $5.9 million. Its accounts payable increased by…

A: Formula,  Merchandise purchase         = (Cost of goods sold + Increase in inventory)   Cash paid…