During the month of December, Hexon steels made a 676,000 credit sale.The state sales tax rate is 6% and the local sales tax rate is 1.5%.Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "Nojournal entry required" in the first account field.)

Journal entries was the process of recording various accounting transactions in a chronological…

Answered: During the month of December, Hexon…

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 1PA: Bell Florists sells flowers on a retail basis. Most of the sales are for cash; however, a few steady...

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During December, Rainey Equipment made a 676,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
During December, Far West Services makes a $3,600 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. (Note: the sales tax amount is in addition to the credit sale amount.) Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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Listed below are selected transactions of Ben’s HomeGoods Store for the current year ending December 31, 2022. a) During December, credit card sales totaled $675,000, which includes the 8% sales tax that must be remitted to the state by the fifteenth day of the following month. (At time of sale, the total amount is recorded in Sales.) b) On December 1, the store received $5,000 from the local community theater for the rental of certain furniture to be used in a stage production during December and January. The furniture will be returned on February 1. c) On December 31 the store was notified it will be required to restore the area (considered a land improvement) surrounding one of its parking lots, when the store moves in 5 years. Ben determined it will cost $78,000 in 2027. Ben estimates the fair value of the asset retirement obligation on December 31, 2022 is $61,500. Prepare the necessary journal entries necessary to record the above transactions as they occurred and any adjusting…
Help During December, Far West Services makes a $3,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5% Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction lit View journal entry worksheet Debit General Journal Credi No 1 Accounts Receivable Sales Revenue Sales Tax Payable 7 Transaction 3.000 Seve&a Check my work
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 Credit
During the month of June, FlounderBoutique recorded cash sales of $219,420 and credit sales of $153,382, both of which include the 6% sales tax that must be remitted to the state by July 15.Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 enter an account title for the adjusting entry on June 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on June 30 enter a debit amount enter a credit amount
Listed below are selected transactions of Splish Department Store for the current year ending December 31. On December 5, the store received $470 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 1. 2. 3. 4. During December, cash sales totaled $802.200, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $121.600. The trucks were purchased in a state that applies a 5% sales tax The store sold 30 gift cards for $100 per card. At year-end, 25 of the gift cards are redeemed. Splish expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each entry.…
Prepare the journal entries
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During the month of December, Hexon steels made a 676,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)