Putman Company had cash sales of $75,950 (including taxes) for the month of June. Sales are subject to 8.5% sales tax. Prepare the entry to record the sale. Account Titles and Explanation Debit Credit enter an account title

Q: can I get some help with this question

A: Given information is: Billing amount = $1100 Excise tax = 8% State Sales Tax = 2%

Q: Cheyenne Corporation made credit sales of $30,600 which are subject to 7% sales tax. The corporation…

A: Journal entries are prepared in a proper order which is as per the principle of double-entry…

Q: On May 10, Cullumber Company sold merchandise for $3,600 and accepted the customer's Best Business…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: Compute (a) accounts receivable turnover and (b) days' sales uncollected. H

A: Accounts Receivable Turnover :— It is the ratio between net sales and average accounts receivable.…

Q: Excise and Sales Tax Calculations Clifford Company has just billed a customer for $1,100, an amount…

A: Revenue: It implies to the income that is earned by the business during it's course of trading…

Q: On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: on January 14, and accepted a 90 - day, 5% promissory note in the amount of $5,000. On January 14,…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: The following data were selected from the records of Sykes Company for the year ended December 31,…

A: Bad Debt expense is an expense recorded in the accounting which is uncollectible. Accounts which are…

Q: During the month of September, the following transactions occurred. The applicable sales tax rate is…

A: Journal entries: Journal entries record the transactions of a business. It presents transactions…

Q: WG Inc. has cash received from customers in the amount of $10,700 on December 15, which includes…

A: Sales revenue: It is often defined as the money that is received from the sale of goods and services…

Q: During the month of September, the following transactions occurred. The applicable sales tax rate is…

A: Journal is the first place where a transaction is recorded. It contains record of transaction…

Q: performing accounting services for small businesses, you encounter the following situations…

A: The amount of sales tax is collected from the buyers and are paid to the government accounts for…

Q: Creative Kitchens began operations March 1, 20X1. The firm sells its merchandise for cash and on…

A: Sales can be made with cash and credit. Credit sales are the sales in which cash is not received…

Q: Teams MSFT Corporation has the following information: Inventory conversion period 79.02 days…

A: To determine the length of time (days) for Microsoft Corporation to cycle cash, we can use the cash…

Q: Answer all Questions. Ch.5-1

A: Here, we have made a compond entry for all the cash payments received on account received during the…

Q: Warton Company posts individual sales to the accounts receivable subsidiary ledger immediately. At…

A: Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…

Q: On July 5, Feather Company recorded sales of merchandise inventory on account, $20,000. The sales…

A: The journal entries are prepared to record the transactions on a regular basis. The sales tax…

Q: Beginning accounts receivable were $277,500 and ending accounts receivable were $303,300. Cash…

A: Accounts Receivable Balance: The accounts receivable balance is the outstanding balance in the…

Q: During December, Far West Services makes a $5,000 credit sale. The state sales tax rate is 6% and…

A: Debit what comes in and credit what goes out Debit the receiver and credit the giver Debit all the…

Q: ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had…

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: During December, Far Eas Services makes a credit sale of $2,200 (before sales taxes). The state…

A: Journal entry is the first stage of the accounting process.Journal entry is used to record business…

Q: A credit sale of $1000 is made on may 1, terms 2/10, net/30. A return of $100 is granted on may 3.…

A: Term 2/10, net/30 means that if the payment of the credit sale is made within ten days, then a 2%…

Q: Mifflin Company reported the following for the current year: Net sales Cost of goods sold Beginning…

A: The ratio is the technique used by the prospective investor or an individual or strategist to read…

Q: Mifflin Company reported the following for the current year: Net sales Cost of goods sold Beginning…

A: The ratio is the technique used by the prospective investor or an individual or strategist to read…

Q: The following are excerpts from the financial statements of 2018 and 2019 of Mandela Corporation.…

A: 1. Accounts Receivable Turnover ratio= Net sales/Average Accounts receivable   2.No. Of days sales…

Q: Barans Company purchased merchandise on account from Springhill Company for $10,600, terms 2/10,…

A: Net Purchases = Purchases - Purchase return = $10,600 - $2,200 = $8,400

Q: On March 25, Osgood Company sold merchandise on account, $2,900, terms n/30. The applicable sales…

A: Term n/30 means the buyer of the merchandise is required to pay the full amount of invoice without…

Q: During May 2020, Kaili Company recorded the following: a. Sales totaled $60,300 of which sales on…

A: The objective of the question is to journalize the transactions for Kaili Company for May 2020 using…

Q: On December 31, the company estimates future sales refunds to be $900. As of that date, the company…

A: A journal entry is the act of recording each individual financial transaction that a company does in…

Q: Based on the following data for the current year, what is the days' sales in receivables? Assume 365…

A: DAYS SALES IN RECEIVABLEDays Sales to Receivable is a ratio between 360/365 Days and Receivable…

Q: The following information is extracted from the books of Zone for the month of January: $ Credit…

A: Receivable ledger control account means an account where all entries related with credit sales and…

Q: Manuel Company had cash sales of $86,800 (including taxes) for the month of June. Sales are subject…

A: Solution: Amount of sales without tax = $86,800 * 100 / 108.50% = $80,000 Amount of sales tax =…

Q: Ivanhoe Company had cash sales of $77,328 (including taxes) for the month of June. Sales are subject…

A: Sales tax is a consumption tax imposed by the government on the sale of goods and services. It is…

Q: Alpha Corporation sells $2799 of merchandise on account to Blackwell Company with credit terms of 3…

A: Payments terms of 3/10, n/30 means discount of 3% on goods is valid for 10 days from the date of…

Q: My business has a net sales of  $3,492,690, of which 40% was cash ($1,397,076), 50% was on account…

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: In performing accounting services for small businesses, you encounter the following situations…

A: Sales taxes payable is a liability. Increase in liabilities should be credited. Increases in…

Q: Accounts Receivable Balance Beginning accounts receivable were $275,500, and ending accounts…

A: Accounts receivable are the customers of the company; from whom, amount is receivable due to the…

Q: Vaughn Corporation made credit sales of $39,600 which are subject to 5% sales tax. The corporation…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: Judon Corp. provides the following information from its annual report. Assume all revenues are…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…