Record transaction 1 in the applicable general ledger accounts using the perpetual inventory system.

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: For questions 24-25, use the following information; Posner Co. is a retail store operating in a…

A: Hi! Thank you for the question, As per the honor code, we'll answer the first question since the…

Q: Window World extended credit to customer Nile Jenkins in the amount of $131,900 for his purchase of…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Presented below are two independent situations. (a) On March 3, Kitselman Appliances sells…

A: Factoring indicates to a transaction in which the corporation sold its receivable dues to the third…

Q: Tamarisk, Inc. Supply does not segregate sales and sales taxes at the time of sale. The register…

A: Calculation of sales tax payable:

Q: On February 20, 2023, LIME COrporation sold merchandise with a list price of ₱ 150,000 to Durian on…

A: DISCOUNTING TERM The 2/15 net 40 Calculation is a Way of Providing cash discount on Purchase. It…

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

A: Sales Tax Payable = Total Sales / (100% + Sales Tax %) * Sales Tax % = $42,000 / (105%) * 5% = $…

Q: Sheffield Company does not ring up sales taxes separately on the cash register. Total receipts for…

A: If the sales tax rate is 5% and the total receipts of 87,360 include the sales taxes, this means the…

Q: Blossom Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The…

A: Journal entry Journal entry refers to an entry that is made to record the financial transactions in…

Q: Sheridan Bikes Ltd. reports pre-tax cash sales of $4,400 on October 1. (a) Record the sales assuming…

A: Sales tax is one of the indirect tax which is being imposed by goverment. Sales tax is generally…

Q: During December, Far Eas Services makes a credit sale of $1.600 (before sales taxes). The state…

A: A sale is a transaction in which goods or services are exchanged for a predetermined amount of…

Q: Windsor, Inc. Supply does not segregate sales and sales taxes at the time of sale. The register…

A: Sales tax to be deposited to the state authorities is a liability. Increase in liability should be…

Q: Window World extended credit to customer Nile Jenkins in the amount of $133,900 for his purchase of…

A: When services are provided on account to customers, then this will become accounts receivable for…

Q: E8-7 On March 3, Plume Appliances sells $710,000 of its receivables to Western Factors Inc. Western…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: 2021   Oct 31 Sold goods to Basic Foods, receiving a $31,000, three-month, 6% note. (You     do not…

A: Interest accrued on Dec 31, 2021 = Face value of notes x  rate of interest x no. of months/12 =…

Q: Samberg Incorporated had the following transactions. a. October 1 - Sold $22,000 of merchandise on…

A: Introduction: A journal entry is a record of a commercial transaction in a company's accounting…

Q: On 03.03.20X1 TK sold goods at a price of EUR 35,000 plus VAT on target to the customer CB. TK will…

A: Lets understand the basics Journal entry is required to make to record event and transaction that…

Q: Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of…

A: At the time of sale of goods at credit, accounts receivables is increased, hence debited and sales…

Q: Yasoplc is a manufacture company and its financial year ended at 31st December 2019. Total  assets…

A: The biggest asset owned by a firm is its accounts receivables. Therefore, at the time of auditing…

Q: Waterway Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may…

A: Sales tax is a form of taxation imposed on the sale of goods and services. The tax is imposed by the…

Q: Hallmark Cards, Inc. records sales and sales tax separately. On May 1, Jay’s Hallmark Shop in New…

A: Sales - Sales is a revenue earned by the company from sale of article or goods to the customer. The…

Q: Pina Colada Corp. Supply does not segregate sales and sales taxes at the time of sale. The register…

A: In the given question, The Pina Colada Corp. does not segregate Sales and sales tax at the time of…

Q: Samberg Incorporated had the following transactions. a. October 1 - Sold $20,000 of merchandise on…

A: A journal entry is a record of a commercial transaction in a company's accounting system. Journal…

Q: 10% sales tax.

A: Calculate Sales tax Payable as follows: Sales tax  Payable=Sales100+ Taxrate×Tax rate…

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

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Compute sales taxes payable. Sales taxes payable   $             Make the entry to record sales…

A: Sales Tax:   Sales tax is the tax amount paid by a company to a governing body for the amount of…

Q: On 1 August 20X5, Hans had an opening balance on the sales tax account as $6,360 credit. During the…

A: The sales tax payable is the excess amount collected by a business entity over the sales tax paid.…

Q: Monty Company does not segregate sales and sales taxes on its cash register. Its register total for…

A: The sales tax amount can be calculated as total sales minus taxable value of sales

Q: 13. On August 31, Home Depot sold materials for $6,000 cash that is subject to a 5% sales tax. Home…

A: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting…

Q: Bramble Company does not ring up sales taxes separately on the cash register. Total receipts for…

A: Amount inclusive of tax = $ 36400 Sales tax rate = 4%

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.