Sales Tax Grey's Furniture sold 50 couches to Shepherd Inc. for $980 each plus an additional state sales tax of 8%. Shepherd Inc. purchased on credit. Required: Provide the journal entry to record the sale. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Taxes Payable (State) Sales Revenue (Record sale) Feedback

Sales Tax Grey's Furniture sold 50 couches to Shepherd Inc. for $980 each plus an additional state sales tax of 8%. Shepherd Inc. purchased on credit. Required: Provide the journal entry to record the sale. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Taxes Payable (State) Sales Revenue (Record sale) Feedback

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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Please read the questions carefully the First question is asking for journal entry.
The sales journal for Carothers Company is shown below. SALES JOURNAL Date Sales Slip No. Customer Name Post.Ref. AccountsReceivableDebit Sales taxPayableCredit SalesCredit Dec. 1 824 Jim Danta 3,212 312 2,900 7 825 Tom Tome 645 45 600 22 826 Sue Wasco 666 66 600 31 Totals 4,523 423 4,100 Show how the amounts would be posted to the general ledger accounts.
Patty's Party Favors accepted returned merchandise purchased on account by The Wedding Planners for, $613, plus sales tax of $48. What is the journal entry for Patty's Party Favors to record this transaction? O Debit Accounts Payable/The Wedding Planners, $661; Credit Purchases Returns and Allowances, $661. O Debit Accounts Receivable/The Wedding Planners, $661; Credit Sales Returns and Allowances, $613, Sales Tax Payable, $48. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Receivable/The Wedding Planners, $661. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Payable/The Wedding Planners, $661.
Prepare journal entries for each of the following sales transactions by Elegant Electronics, including a 3.5% sales tax, and the remittance of all sales tax to the tax board on October 23. Accounts Payable Merchandise Inventory Sales Discount Cash Sales Sale Tax Payable PLEASE NOTE: You must follow the format in the textbook and enter the account names exactly as written above and all dollar amounts will be rounded to two decimal places with "$" and commas as needed (i.e. $12,345.67). Elegant Electronics sells a cellular phone on September 2 for $450: DR DR or CR? CR On September 6, Elegant sells another cellular phone for $500: DR DR or CR? CR The remittance of all sales tax to the tax board on October 23: DR CR
How do you make a general journal entry for these sales transactions?
Journalizing Sales Transactions Enter the following transactions in a sales journal. Use a 6% sales tax rate. May 1 Sold merchandise on account to J. Adams, $1,800, plus sales tax. Sale No. 488. 4 Sold merchandise on account to B. Clark, $1,800, plus sales tax. Sale No. 489. 8 Sold merchandise on account to A. Duck, $1,500, plus sales tax. Sale No. 490. 11 Sold merchandise on account to E. Hill, $1,950, plus sales tax. Sale No. 491.
Brian Burns uses perpetual inventory system and LIFO All credit sales discounts are recorded using the net method – customers receive a 3 percent discount if they pay within 30 days. Purchase discounts are recorded using the net method All depreciation is straight line. Additional Information for Journal Entries Brian Burns records accruals for utilities expense as an adjusting journal entry at the end of each year. They pay utilities once a year on January 31st for the prior year. NOTE: There is no payment for utilities on January 31st of 2022 because January 1 of 2022 is the first day of operations. January 1 Sold 10,000 shares of common stock for $95 per share. Borrowed $2,000,000 at 8 percent with interest payable semi-annually (on July 1 and January 1). Purchased 1,000 units of inventory at $150 a piece on credit from Biggie Smalls Inc. Terms are 2/10; n/60 Paid $480,000 for 2 years of rent in advance…
Ivanhoe Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $18,900. All sales are subject to a 5% sales tax.(a1) Compute sales taxes payable. Sales taxes payable (a2) Give the journal entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit March 16
Brian Burns uses perpetual inventory system and LIFO All credit sales discounts are recorded using the net method – customers receive a 3 percent discount if they pay within 30 days. Purchase discounts are recorded using the net method All depreciation is straight line. Additional Information for Journal Entries Brian Burns records accruals for utilities expense as an adjusting journal entry at the end of each year. They pay utilities once a year on January 31st for the prior year. NOTE: There is no payment for utilities on January 31st of 2022 because January 1 of 2022 is the first day of operations. January 1 Sold 10,000 shares of common stock for $95 per share. Borrowed $2,000,000 at 8 percent with interest payable semi-annually (on July 1 and January 1). Purchased 1,000 units of inventory at $150 a piece on credit from Biggie Smalls Inc. Terms are 2/10; n/60 Paid $480,000 for 2 years of rent in advance…