Sales sales revenue for a sporting good store amounted to $539,000 for the correct. All sales are on account and are subject to a sales tax of 11% which of the following would be included in the journal entry to record sales transaction

Sales sales revenue for a sporting good store amounted to $539,000 for the correct. All sales are on account and are subject to a sales tax of 11% which of the following would be included in the journal entry to record sales transaction

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Description: Sales sales revenue for a sporting good store amounted to $539,000 for the correct. All sales are on account and are subject to a sales tax of 11% which of the following would be included in the journal entry to record sales transaction

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...

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Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of sale, Smith includes the combined amount of both sales and sales tax in the sales account. At the end of May, Smiths sales account for May has a credit balance of 540,000. Prepare the sales tax adjusting journal entry for the end of May.
Abbey Co. sold merchandise to Gomez Co. on account, $35,000, subject to a sales tax of 5%. The cost of the merchandise sold is $24,500. When recording the general journal entry, how much should be credited to the liability account called sales tax payable?
Journalize the entries to record the following selected transactions:a. Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $37,500.b. Paid $39,650 to the state sales tax department for taxes collected.
Journalize the entries to record the following selected transactions: (a) Sold $ 2,000 of merchandise on account, subject to 6.25% sales tax. The cost of the merchandise sold was $ 1,500. (b) Paid $ 120 to the state sales tax department for taxes collected. Description Debit Credit
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. a. Sold $64,300 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $37,000. b. Paid $40,740 to the state sales tax department for taxes collected.
Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $5,100 of merchandise on account, subject to a sales tax of 7%. The cost of merchandise sold was $3,010. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Paid $47,320 to the state sales tax department for taxes collected.
A company receives $696, of which $56 is for sales tax. The journal entry to record the sale would include a Select one: a. debit to Sales Tax Expense for $56. b. debit to Sales Taxes Payable for $56. C. debit to Sales Revenue for $696. d. debit to Cash for $696.
The entry to record a sale on account of merchandise of $300 subject to sales tax of 6% includes a debit to the a)Accounts Receivable account for $318. b)Sales tax Payable account for $18. c)Accounts Receivable account for $300. d)Cash account for $300 and a debit to the Sales Tax account for $18.
Record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510. b. Paid $436 to the state sales tax department for taxes collected. Required: Journalize the entries. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522…
On March 25, Osgood Company sold merchandise on account, $4,900, terms n/30. The applicable sales tax percentage is 5%. Required: Record the transaction. Refer to the Chart of Accounts for exact wording of account titles.
American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus sales tax of $1,100. What is the journal entry for American Steel to record this transaction? Debit Sales, $15,550; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100. Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales, $15,550. %24
Merchandise is sold for cash. The selling price of the merchandise is $3,800 and the sale is subject to a 8% state sales tax. The journal entry to record the sale would include a credit to a.Cash for $3,800 b.Sales for $3,496 c.Sales for $4,104 d.Sales Tax Payable for $304