On October 1, 2019, Mara Company sold products on account to Baria Company for $6,300 including a 5% sales tax. On December 31, Mara remits the sales taxes to the government. The journal entry on October 1, 2019, is: * Debit Cash $6,300, Credit Sales Revenue $6,000 and Sales Tax Payable $300 Debit Cash $6.000 Credit Sales Revenue $6,000 Debit Account Receivable $6,300 Credit Sales Revenue $6,300 Debit Account Receivable $6,300, Credit Sales Revenue $6,000 and Sales Tax Expense $300 None of the above The entry to be recorded on December 31, 2019, is:

On October 1, 2019, Mara Company sold products on account to Baria Company for $6,300 including a 5% sales tax. On December 31, Mara remits the sales taxes to the government. The journal entry on October 1, 2019, is: * Debit Cash $6,300, Credit Sales Revenue $6,000 and Sales Tax Payable $300 Debit Cash $6.000 Credit Sales Revenue $6,000 Debit Account Receivable $6,300 Credit Sales Revenue $6,300 Debit Account Receivable $6,300, Credit Sales Revenue $6,000 and Sales Tax Expense $300 None of the above The entry to be recorded on December 31, 2019, is:

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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can you please help me answer these questions... Aardvark Company sells merchandise only on credit. For the year ended December 31, 2019, the following data are available: Sales (all on credit) $1,200,000 Accounts Receivable, January 1, 2019 225,000 Allowance for doubtful accounts, January 1, 2019 (credit) 15,000 Cash collections during 2019 1,050,000 Accounts written off as uncollected (default) during 2019 10,000 Determine the balance of Accounts Receivable at December 31, 2019. Assume that the company estimates bad debts at 2% of credit sales. What amount will the company record as bad debt expense for 2019? What journal entry would Aardvark prepare to record bad debt expense for 2019 (related to part 2)? Assume that the company estimates bad debts based on the aging method, and the aging schedule estimates that $30,100 of the year-end accounts receivable will be uncollected. What amount will the company record as bad debt expense for 2019? What…
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Ireland Corporation obtained a $62,000 note receivable from a customer on June 30, 2021. The note, along with interest at 5%, is due on June 30. 2022. On September 30, 2021, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 8%. What amount of cash did. Ireland receive from Cloverdale Bank? Multiple Choice $58,094. $57,040. $62.775. < Prev 15 of 15 Next