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

Q: 4. The company issues an invoice for coordination and security services to the customer in the…

A: When the sale has been made, but the buyer has not made payment yet, then invoice is the document…

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: 7. On 1 – 4 – 2018 Ms. Bushra Al Khair LLC buys 150 Apple phone @ 225 each from a local supplier.…

A: Solution: Cost of Apple phone per unit 225.00   Cost of 150 Apple Phone 225*150 33,750.00…

Q: 4. The company issues an invoice for coordination and security services to the customer in the…

A: Journal Entry :- A journal entry is the act of recording any transaction, whether one that is…

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: On June 1, 2018, JULLIES, Inc. sold merchandise with a list price of ₱40,000 to JELLY Corp. on…

A: Net purchase price = List price - trade discount = ₱40,000 - ₱40,000*(1-0.30)*(1-0.20) = ₱17,600

Q: Carla Vista Garage Co. accepts the following forms of payment: Visa, MasterCard, the Carla Vista…

A: Journal entries recording is the initial step of accounting cycle process, under which atleast one…

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: Flounder Corporation made credit sales of $30,600 which are subject to 5% sales tax. The corporation…

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

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: On December 1, TRES Company sells ₱3,000 of merchandise on account to QUATRO with credit terms of…

A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within thirty days. And if…

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: 4. The company issues an invoice for coordination and security services to the customer in the…

A: Particular Debit Credit Customer A/c                                              Dr Rp.…

Q: On July 1, 2025, Bonita Inc. made two sales. 1. 2. It sold land having a fair value of $901,000 in…

A: Calculation of discount on notes receivable.Calculations:-

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: Rainy-day Ltd is a company registered for Value Added Tax (VAT) in the United Kingdom. The following…

A: Note 1 :   Dear student as it is a multipart questions as per norms we will solve 3.  Inconvinience…

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: 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: Africa Traders, NOT a registered VAT vendor, manufactures and sells tables and chairs. The VAT rate…

A: Ans.  b Debit the Bank account with R6 900, and credit the Sales account with R6 900.

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: 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: On February 1, 2004, Mickey Mouse Corporation factored receivables amounting to P500,000 to Minnie…

A: Allowance for uncollectible accounts  = Total accounts receivables x 3% = P500,000  x 3% = P15,000

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: Rainy-day Ltd is a company registered for Value Added Tax (VAT) in the United Kingdom.  The…

A: For balance question , please upload it on site. Inconvenience regretted.…

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%

Q: An Omani Establishment sold goods worth OMR 110,000 on Credit in which the debtor made payment of…

A: Bad debts are those expenses or receivables that can not be collected. These are charged as expenses…

Q: Jan. 5 12 14 20 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Performed…

A: Calculation of sales tax included in sales made on Jan 5(Total Sales Value x Tax Rate) / 100+Tax…

Q: Window World extended credit to customer Nile Jenkins in the amount of $139,900 for his purchase of…

A: Here narrate the details of wrote off the uncollectable accounts and reversal of the same because it…

Q: Window World extended credit to customer Nile Jenkins in the amount of $134,900 for his purchase of…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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.