Sales tax transactions Journalizing injuries to record the following selected transactions A. Sold 3000 of merchandise on account, subject to a sales tax of 7%. The cost of merchandise is sold was $1,770. For a compound transaction, if an amount box does not require an entry, leave it like ______ ______ ______ ______ ______ ______ B. Paid $49,170 to state sales tax department for taxes collected.

Q: Journalize the following transactions using the allowance method of accounting for uncollectible…

A: Under Allowance Method, a reserve is created for the uncollectable receivables, from the Profit…

Q: Journalize the following transactions in the accounts of Arizona Interiors Company, a restaurant…

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

Q: Journalize the following merchandise transactions: a.  Sold merchandise on account, $19,400 with…

A: The journal entries for merchandise transactions are as follows:

Q: Information related to Wildhorse Co. is presented below. 1. 2. On April 8, returned damaged…

A: The journal entries are prepared to record the transactions on regular basis. The accounts payable…

Q: Journalize the following transactions using the allowance method of accounting for uncollectible…

A: Journal Entries are prepared to record the financial and non financial transactions of the business…

Q: April 2 Purchased $3,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice…

A: Business Translations: An economic event involving a third party that is documented in the…

Q: On January 6, Ayayai Co. sells merchandise on account to Harley Inc. for $8,800, terms 2/10, n/30.…

A: When a merchandising or manufacturing company sells goods to customers to earn a profit is called…

Q: A & B?

A: Explanation of Allowance Method: The allowance method is an accounting technique used to estimate…

Q: Ans.

A: Explanation of Income Statement:An income statement, also known as a profit and loss statement,…

Q: Merchandise subject to terms 2/10, r/30, FOB shipping point, is sold on account to a customer for…

A: Credit terms specify payment conditions, like discounts for early payment (e.g., 2/10, net 30).FOB…

Q: Journal entries? a. Sold merchandise for cash (cost of merchandise $28,797). b. Received merchandise…

A: A Journal is made to record all the business transactions in a chronological order. Each and every…

Q: How do i make a general journal entry  Accepted return of damaged merchandise from Lisa Dang;…

A: The general journal entry for the Sales Returns transaction is presented hereunder :

Q: Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment…

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

Q: Journal Entries for Sale, Return, and Remittance-Perpetual System On September 13, Brady Company…

A: Introduction:-The official record-keeping entries used in the accounting system to record and…

Q: Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment…

A: Bad debt expense is recorded when a debtor is not able to repay his or her debt to the creditor. Bad…

Q: Journalize the following transactions using the direct write-off method of accounting for…

A: Increase in asset is debited, Decrease in asset is credited. Increase in liability is credited,…

Q: On January 6, Cullumber Co. sells merchandise on account to Harley Inc. for $7,200, terms 2/10,…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Lee and Chen Distributors uses the direct write-off method in accounting for uncollectible accounts.…

A: Direct Write-off Method - Under the Direct Write-off method of accounting accounts that remain…

Q: May 1. Sold merchandise on account to Taiwan Palace Co., $43,440. The cost of the merchandise sold…

A: Under allowance method of recording doubtful accounts, allowance needs to be made for estimated…

Q: Determine the amount to be paid in full settlement of each of the following invoices, assuming that…

A: FOB SHIPPING POINT FOB shipping point explains that the ownership of the inventory is transferred to…

Q: Sayers Co. sold merchandise on account to a customer for $90,000 terms 1/10, n/30. The cost of the…

A: Journal entries are used to record the financial transaction. It helps to prepare the ledger and…

Q: Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,044, an amount…

A: Given information is: Billing amount = $1100 Excise tax = 10% State Sales Tax = 6%

Q: January 3: Cash sale, $180. The cost of the merchandise was $108. Record the cost of the sale. Date…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: None

A: Merchandise Inventory:Merchandise inventory is the total worth of a company's goods, including raw…

Q: ournalize the following merchandise transactions: A. Sold merchandise on account, $21,300 with…

A: >Merchandise inventory can be accounted for using a periodic method or perpetual…

Q: Customer refund Senger Company sold merchandise of $14,000, terms n/30, to Burris Inc. on April 12.…

A: Lets understand the basics. Journal entry is required to…

Q: Journalize the following transactions, using the allowance method of accounting for uncollectible…

A: The journal entries are prepared to record the transactions on regular basis. The allowance for…

Q: during the current year merchandise is sold for 151,400 cash and 627,700 on account. the cost of…

A: GROSS PROFIT Gross Profit is the Difference between Total Sales & Cost of Goods Sold. Cost of…

Q: On December 1, Macy Company sold merchandise with a selling price of $10,000 on account to Mrs.…

A: Gross Method :— Under this method, sales and purchases are recorded at gross price or full price…

Q: Need Answer

A: a. On March 15, Foster purchased merchandise on account for $12,000. This transaction is recorded by…

Q: November 1 Dollar Store purchases merchandise for $2,800 on terms of 2/5, n/30, FOB shipping point,…

A: Lets understand the basics.Journal Entry :— It is an act of recording transaction in books of…

Q: Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of…

A: The amount to be paid represents that if the customer pays the amount within the discount period, he…

Q: Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions…

A: The journal entries are prepared to record the transactions on regular basis. The allowance for…

Q: Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that…

A: (Merchandise - returns and allowances) - (difference of Merchandise - returns and allowances * %…

Q: Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30.…

A: a)  Net purchases = $32,100 - $8,600 = $23,500 Discount on purchases = $23,500 * 2% = $470 Cash…

Q: Journalize the following transactions using the direct write-off method of accounting for Apr. 1…

A: Working Note: Amount of account written off = Total accounts receivable - amount Received.= $6,000 -…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.