Q4. A sale of merchandise on account for $5,000, terms n/30, is subject to an 8% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? Answer: ______________________________________________________________________ (b) What is the amount of the sale? Answer: ______________________________________________________________________ (c) What is the amount of the increase to Accounts Receivables? Answer: ______________________________________________________________________ (d) What is the title of the account in which the $400 ($5,000 x 8%) is recorded? Answer: ______________________________________________________________________

Q: Sold merchandise on account to Larry Simpson, $4,780.00, plus sales tax. S395.

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: B. Give the journal entry to be made in the books of the purchaser, if the account to be debited is…

A: Accounting books: The various books drafted to carry out the accounting process are called as…

Q: Which of the following represents the correct journal entry to record a taxable cash sale of $400 if…

A: Introduction:- At the time of record received sales tax from customers, journal entry will be, debit…

Q: Given credit terms of 3/10, n/30 on a sale of $2,000, calculate the sales discount, assuming payment…

A: credit terms: 3/10 - means 3% discount given if payment is made within 10 days

Q: The company purchased merchandise for ₱55,496 less 2 on terms 50% down, balance 2/10, n/30.  How…

A: Purchase discount is a discount provided by the seller if payment is made within a specific period…

Q: rchandise, and the total amount is credited to Sales. During January, Sales was credited $318,000.…

A: Adjustment entry is required to be passed at the end of the period to properly provide for the…

Q: Find the sales tax and total sale. Item marked price Sales tax rate Sales tax $572.34 5.168% Item…

A: The item marked price excluded the sales tax, So the total sales price is the sum of the marked…

Q: Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for…

A: 2/10 indicates that a sales discount of 2% is allowed if the payment is made within 10 days.

Q: Record the following transactions in general journal form. a. Sold merchandise on account to A.…

A: Journal entries are the first step of recording the transactions journalization is the process of…

Q: Question 5 a. Cash discounts will normally appear on an invoice in terms such as 2/10 n30. What does…

A: # Part (a)Cash discounts will normally appear on an invoice in terms such as 2/10 n30. What does…

Q: A shopkeeper sells an article at its marked price RO 7500 and charges sales-tax at the rate of 12%…

A: Formula: Tax amount = Tax percent x sale value Multiplying tax percent with sale value derives the…

Q: ournalize the entries to record the following selected transactions:   (a) Sold $ 2,000 of…

A: Definition: Journal: Journal is the method of recording monetary business transactions in…

Q: The company has no beginning inventory . Value Added Tax ( VAT ) is 18 % .  5 March : Purchased on…

A: VAT (Value Added Tax) A kind of tax which is imposed on the value of goods or services at the time…

Q: Merchandise costing $668 is sold for $1,230 on terms 2/10, n/30. If the buyer pays within the…

A:

Q: Calculate the missing information for the purchase. Item Book 69 $ Selling Price (in $) Sales Tax…

A: This is a question related to a purchase transaction that involves an item, which in this case is a…

Q: Journalize the entries to record the transactions of Gelora Raya.

A: Step 1 Journal is the part o book keeping.

Q: Merchandise is sold for cash. The selling price of the merchandise is $5,100 and the sale is subject…

A: Accounting for Sales Tax  business is collecting sales tax on behalf of tax authorities, the tax is…

Q: Humble Co. sells merchandise on credit to Wise Co in the amount of P9,600. The invoice is dated on…

A: ''1/ 15'' means the buyer can take 1 % discount advantages,if he pays the dues with in 15 days/

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: In the case of FOB Shipping pointAmount to be paid = ( Purchases - Return ) * ( 1 - Discount rate )…

Q: Merchandise is sold for cash. The selling price of the merchandise is $1,100 and the sale is subject…

A: When we do sales,we need pay sales tax on sales made at a percentage given.That sales tax is…

Q: The entry to record a sale on account of merchandise of $300 subject to sales tax of 6% includes a…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: NYFG, Inc.l has sales including sales taxes for the month of $445,200.  If the sales tax rate is…

A: Sales = Total sales / (1 + sales tax rate) = $445,200 / (1 + 0.06) = $420,000

Q: 3.How much is the output tax? How about the input tax? Outo Innut +

A: There are three questions in the question and two questions relate with each other but the first…

Q: Determine the amount to be paid in full settlement of the invoice assuming that credit for returns…

A: FINAL SETTLEMENT AMOUNT  Final Settlement Amount is Computed by Deducting Value of Discount From…

Q: EAB. LO 122 Elegant Electronics sells a cellular phone on September 2 for $450. On September 6,…

A: Journal is a place where journal entries are recorded in the book keeping system before ledger…

Q: 2 Your answer is partially correct. Try again. Dn January 10, 2019, Swifty Corporation sold…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Which of the following is an element of the journal entry to account for a purchase of merchandise…

A: The journal entry for sales is recorded after computing the sales tax included in such sales. The…

Q: How much is the purchase discounts? How much is input tax on purchases? How much is input tax to be…

A: Input tax is the amount of tax which a business pays it to the vendors on the purchasing of the…

Q: Sales Tax A sale of merchandise on account for $17,400 is subject to a 7% sales tax. (a)  Should the…

A: Sales tax should be recorded at the time of sale.

Q: Journalize the entries to record the following selected transactions: i. Sold $900 of merchandise on…

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

Q: They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this…

A: Term 3/10, n/20 represents that if the payment received for the sales made within 10 days then the…

Q: Coronado Auto Supply does not segregate sales and sales taxes at the time of sale. The register…

A: Sales Tax is payable to the seller of goods or provider of services and it is further collected by…

Q: 1/10, n/30 3/15, n/45

A: Net purchase is the amount of cash paid to supplier for the purchase of inventory during the…

Q: Merchandise is sold for cash. The selling price is the merchandise is $5,000 and the sale is subject…

A: Sales tax payable = 5,000 x 5% = $250

Q: On March 25, Osgood Company sold merchandise on account, $4,100, terms n/30. The applicable sales…

A: THANK YOU

Q: Willy Company sold on credit merchandise having a list price of P200,000 with the following terms:…

A: Solution: Price after trade discount = 200000*90%*95% = 171,000 Sales discount = 171000*3% = 5130…

Q: What is the amount of sale for a single price transaction of $16.80 that includes a 6% sales tax?

A: Solution: The amount of sale excluding sales tax is $15.85. The amount of sales tax included in…

Q: Sales Tax Transactions Journalize the entries to record the following selected transactions.…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: A company purchases merchandise for $23,000. The seller also offers credit terms of 2/10, n/30.…

A: Cost of purchase = 23000 Credit Terms = 2/10, n/30

Q: Record each transaction. Assume the seller maintains a perpetual inventory. On October 1, we sell…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…