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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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