QUESTION: This class has 60 students. Each student is going to order a Tesla Model Y (Please do not actually order a car, this is just a hypothetical question). For simplicity, we will assume the following: The price of each car is $60,000 (before sales tax) The deposit required while ordering is $10,000. • Sales tax are 6.00% (assessed when the car is delivered) Final payment is due when car is delivered. . The following is a summary of the transactions that occurred: April 7- all 60 students made their orders and paid the $10,000 required deposit. April 14-40 cars are delivered and the students pay the remaining balance. April 21- the remaining 20 cars are delivered. The students only pay the sales tax. Tesla finances the remaining balance for each student with a 180-day 5.00% short-term note payable. October 18-all 20 students pay the note payable to Tesla and the accrued interest. . . . REQUIRED: Record proper journal entries for TESLA for the above four transactions. Journal entries will be graded for proper format and completeness. Please review chapter 2 if needed r
QUESTION: This class has 60 students. Each student is going to order a Tesla Model Y (Please do not actually order a car, this is just a hypothetical question). For simplicity, we will assume the following: The price of each car is $60,000 (before sales tax) The deposit required while ordering is $10,000. • Sales tax are 6.00% (assessed when the car is delivered) Final payment is due when car is delivered. . The following is a summary of the transactions that occurred: April 7- all 60 students made their orders and paid the $10,000 required deposit. April 14-40 cars are delivered and the students pay the remaining balance. April 21- the remaining 20 cars are delivered. The students only pay the sales tax. Tesla finances the remaining balance for each student with a 180-day 5.00% short-term note payable. October 18-all 20 students pay the note payable to Tesla and the accrued interest. . . . REQUIRED: Record proper journal entries for TESLA for the above four transactions. Journal entries will be graded for proper format and completeness. Please review chapter 2 if needed r
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![QUESTION: This class has 60 students. Each student is going to order a Tesla Model Y (Please do not actually order a car, this is just a
hypothetical question). For simplicity, we will assume the following:
. The price of each car is $60,000 (before sales tax)
The deposit required while ordering is $10,000.
• Sales tax are 6.00% (assessed when the car is delivered)
Final payment is due when car is delivered.
.
.
The following is a summary of the transactions that occurred:
•April 7-all 60 students made their orders and paid the $10,000 required deposit.
April 14-40 cars are delivered and the students pay the remaining balance.
April 21- the remaining 20 cars are delivered. The students only pay the sales tax. Tesla finances the remaining balance for each
student with a 180-day 5.00% short-term note payable.
• October 18-all 20 students pay the note payable to Tesla and the accrued interest.
.
.
REQUIRED: Record proper journal entries for TESLA for the above four transactions. Journal entries will be graded for proper format
and completeness. Please review chapter 2 if needed so you can record proper journal entries. Hint: It is easier to
he
entries either on a word document or El](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa454c8d9-8113-4596-aba6-6b9ead294dd4%2Fe562e7ca-8577-4d00-967d-d8e2ba53b4fa%2Fydevvd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION: This class has 60 students. Each student is going to order a Tesla Model Y (Please do not actually order a car, this is just a
hypothetical question). For simplicity, we will assume the following:
. The price of each car is $60,000 (before sales tax)
The deposit required while ordering is $10,000.
• Sales tax are 6.00% (assessed when the car is delivered)
Final payment is due when car is delivered.
.
.
The following is a summary of the transactions that occurred:
•April 7-all 60 students made their orders and paid the $10,000 required deposit.
April 14-40 cars are delivered and the students pay the remaining balance.
April 21- the remaining 20 cars are delivered. The students only pay the sales tax. Tesla finances the remaining balance for each
student with a 180-day 5.00% short-term note payable.
• October 18-all 20 students pay the note payable to Tesla and the accrued interest.
.
.
REQUIRED: Record proper journal entries for TESLA for the above four transactions. Journal entries will be graded for proper format
and completeness. Please review chapter 2 if needed so you can record proper journal entries. Hint: It is easier to
he
entries either on a word document or El
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