Lakeside Furniture sold a dining set for $3,500 subject to a 6% sales tax. The entry in the general journal will include a debit to Cash for: a) $3,500.00 b) $3,710.00 c) $3,290.00 d) $3,210.00
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- Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of sale, Smith includes the combined amount of both sales and sales tax in the sales account. At the end of May, Smiths sales account for May has a credit balance of 540,000. Prepare the sales tax adjusting journal entry for the end of May.Can you please answer the financial accounting question?The entry in the general
- Target Shoppers Inc. reported cash sales of $28,800 for the month of June. Sales taxes payable are recorded at the point of sale. a. Assume that sales are subject to a 6% sales tax. Record the sales entry.b. Now assume that the cash collected on sales includes the 6% sales tax. Record the sales entry. ● Note: Round your answers to the nearest whole dollar. Account Name Dr. Cr. a. To record the sale entry. b. To record the sale entry.Enter the following transactions in the General Journal. Calculate GST @ 5% and PST @ 6% on all transactions as applicable Note the following: o All amounts given are pre-tax values. o Discounts are determined on pre-tax amounts. 2 Bought merchandise on account from KFG Manufacturing, $7,500. Invoice #321. terms 2/10, n/30. July 4. Paid Johnson's Trucking for transporting the merchandise bought from KFG Manufacturing, $350. Paid by cheque #65. 4. Sold $435 worth of merchandise to Alfred Wren. He paid by cheque # 42. 4. A. Wren returned $65 worth of merchandise due to damage. A full cash refund was issued. 11. Paid KFG Manufacturing for Invoice #321. Cheque #66. 12. The owner of KFG Manufacturing withdraw cash of $500 from the business and took a used desk valued at $350. 15. Bought equipment for the store for $2650.00 16. Paid telephone expense $900 (include GST & PST)Can you help me with accounting questions
- Journalize the entries to record the following selected transactions: (a) Sold $ 2,000 of merchandise on account, subject to 6.25% sales tax. The cost of the merchandise sold was $ 1,500. (b) Paid $ 120 to the state sales tax department for taxes collected. Description Debit CreditMerchandise is sold for cash. The selling price of the merchandise is $3,800 and the sale is subject to a 8% state sales tax. The journal entry to record the sale would include a credit to a.Cash for $3,800 b.Sales for $3,496 c.Sales for $4,104 d.Sales Tax Payable for $304General accounting and question
- On Deck Sports Memorabilia store sells a Babe Ruth rookie card for $3,100 on account. If the sales tax on the sale is 5%, the journal entry to record the sale would include: Multiple Choice a debit to Accounts Receivable for $3,255 a debit to Sales Tax Payable for $155 a debit to Sales for $3,100 a credit to Sales for $3,255Please give answer of this questionMerchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is subject to a 7% state sales tax. The entry to journalize the sale would include a credit to Oa. Sales for $5,580 b. Sales Tax Payable for $420 c. Cash for $6,000 d. Sales for $6,420
