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

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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