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FINANCIAL ACCOUNTING
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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Excise and Sales Tax Calculations Clifford Company has just billed a customer for $1,100, an amount that includes a eight percent excise tax and a two percent state sales tax. a. What amount of revenue is recorded? b. Prepare a general journal entry to record the transaction on the books of Clifford Company. Round all answers to the nearest dollar. a. Amount of recorded revenue $ b. General Journal Date Description Debit Credit Dec.31 Excise Tax Payable Sales Tax Payable To record sale on account subject to excise tax and sales tax.
Transcribed Image Text:Excise and Sales Tax Calculations Clifford Company has just billed a customer for $1,100, an amount that includes a eight percent excise tax and a two percent state sales tax. a. What amount of revenue is recorded? b. Prepare a general journal entry to record the transaction on the books of Clifford Company. Round all answers to the nearest dollar. a. Amount of recorded revenue $ b. General Journal Date Description Debit Credit Dec.31 Excise Tax Payable Sales Tax Payable To record sale on account subject to excise tax and sales tax.
Excise and Sales Tax Calculations Clifford Company has just billed a customer for $1,100, an amount that includes a eight percent excise tax and a two percent state sales tax. a. What amount of revenue is recorded? b. Prepare a general journal entry to record the transaction on the books of Clifford Company. Round all answers to the nearest dollar. a. Amount of recorded revenue $ b. General Journal Date Description Debit Credit Dec.31 Excise Tax Payable Sales Tax Payable To Accounts Receivable Excise Tax Payable Sales Tax Payable Sales O Previous A Save AnsSwers
Transcribed Image Text:Excise and Sales Tax Calculations Clifford Company has just billed a customer for $1,100, an amount that includes a eight percent excise tax and a two percent state sales tax. a. What amount of revenue is recorded? b. Prepare a general journal entry to record the transaction on the books of Clifford Company. Round all answers to the nearest dollar. a. Amount of recorded revenue $ b. General Journal Date Description Debit Credit Dec.31 Excise Tax Payable Sales Tax Payable To Accounts Receivable Excise Tax Payable Sales Tax Payable Sales O Previous A Save AnsSwers
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