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June 6 Service and installation work were completed on a customer's jet ski personal watercraft and the customer paid cash for the work completed. The sales invoice lists $156.00 for 2.4 hours of labor, $421.40 for accessories, and 8% sales tax on the total (labor and accessories). Round all sales tax calculations to the nearest cent. Stock Number C0400 KW003 Item STAINLESS IMP. 100 NOZZEL EXTENSION Quantity 1 1 Net Cost Per Unit $88.20 $122.50 The stainless impeller being sold for $176.40 cost the business $88.20. The nozzel extension cost $122.50 and is being sold for $245.00. ALL accessories carry a 50% "normal" markup on selling price (100% markup on net cost). *Enter the journal entry to record the sales transaction. How would you properly journalize this transaction based off of the provided information?

June 6 Service and installation work were completed on a customer's jet ski personal watercraft and the customer paid cash for the work completed. The sales invoice lists $156.00 for 2.4 hours of labor, $421.40 for accessories, and 8% sales tax on the total (labor and accessories). Round all sales tax calculations to the nearest cent. Stock Number C0400 KW003 Item STAINLESS IMP. 100 NOZZEL EXTENSION Quantity 1 1 Net Cost Per Unit $88.20 $122.50 The stainless impeller being sold for $176.40 cost the business $88.20. The nozzel extension cost $122.50 and is being sold for $245.00. ALL accessories carry a 50% "normal" markup on selling price (100% markup on net cost). *Enter the journal entry to record the sales transaction. How would you properly journalize this transaction based off of the provided information?

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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June 6 Service and installation work were completed on a customer's jet ski personal watercraft and the customer paid cash for the work completed. The sales invoice lists $156.00 for 2.4 hours of labor, $421.40 for accessories, and 8% sales tax on the total (labor and accessories). Round all sales tax calculations to the nearest cent. Stock Number C0400 KW003 Item STAINLESS IMP. 100 NOZZEL EXTENSION Quantity 1 1 Net Cost Per Unit $88.20 $122.50 The stainless impeller being sold for $176.40 cost the business $88.20. The nozzel extension cost $122.50 and is being sold for $245.00. ALL accessories carry a 50% "normal" markup on selling price (100% markup on net cost). *Enter the journal entry to record the sales transaction. How would you properly journalize this transaction based off of the provided information?
Transcribed Image Text:June 6 Service and installation work were completed on a customer's jet ski personal watercraft and the customer paid cash for the work completed. The sales invoice lists $156.00 for 2.4 hours of labor, $421.40 for accessories, and 8% sales tax on the total (labor and accessories). Round all sales tax calculations to the nearest cent. Stock Number C0400 KW003 Item STAINLESS IMP. 100 NOZZEL EXTENSION Quantity 1 1 Net Cost Per Unit $88.20 $122.50 The stainless impeller being sold for $176.40 cost the business $88.20. The nozzel extension cost $122.50 and is being sold for $245.00. ALL accessories carry a 50% "normal" markup on selling price (100% markup on net cost). *Enter the journal entry to record the sales transaction. How would you properly journalize this transaction based off of the provided information?
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