Sales Transactions J. K. Bijan owns a retail business and made the following sales on account during the month of August 20--. There is a 6% sales tax on all sales. Aug. 1 Sale No. 213 to Jung Manufacturing Co., $1,310 plus sales tax. 3 Sale No. 214 to Hassad Co., $3,740 plus sales tax. * Sale No. 215 to Helsinki, Inc., $1,250 plus sales tax. (Open a new account for this customer. Address is 125 Fishers Dr., Noblesville, IN 47870-8867.) 11 Sale No. 216 to Ardis Myler, $1,150 plus sales tax. 18 Sale No. 217 to Hassad Co., $4,150 plus sales tax. 22 Sale No. 218 to Jung Manufacturing Co., $1,980 plus sales tax. 30 Sale No. 219 to Ardis Myler, $1,560 plus sales tax. Required: 1. Record the transactions starting on page 15 of a general journal. Enter the posting references when you complete part 2.

Sales Transactions J. K. Bijan owns a retail business and made the following sales on account during the month of August 20--. There is a 6% sales tax on all sales. Aug. 1 Sale No. 213 to Jung Manufacturing Co., $1,310 plus sales tax. 3 Sale No. 214 to Hassad Co., $3,740 plus sales tax. * Sale No. 215 to Helsinki, Inc., $1,250 plus sales tax. (Open a new account for this customer. Address is 125 Fishers Dr., Noblesville, IN 47870-8867.) 11 Sale No. 216 to Ardis Myler, $1,150 plus sales tax. 18 Sale No. 217 to Hassad Co., $4,150 plus sales tax. 22 Sale No. 218 to Jung Manufacturing Co., $1,980 plus sales tax. 30 Sale No. 219 to Ardis Myler, $1,560 plus sales tax. Required: 1. Record the transactions starting on page 15 of a general journal. Enter the posting references when you complete part 2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Journalizing Sales Transactions Enter the following transactions in a general journal. Use a 6% sales tax rate. May Sold merchandise on account to J. Adams, $4,000 plus ' sales tax. Sale No. 488. Sold merchandise on account to B. Clark, $3,800 plus sales tax. Sale No. 489. Sold merchandise on account to A. Duck, $3,500 plus 8. sales tax. Sale No. 490. Sold merchandise on account to E. Hill, $3,950 plus sales 11 tax. Sale No. 491. Page: ACCOUNT TITLE DOC. POST. NO. REF. DATE DEBIT CREDIT 20-- May 1 2 2 3 4 4 5 May 4 6. 7 8. 8 9 May 8 9 10 10 11 11 12 12 13 May 11 13 14 14 15 15
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.
Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is subject to a 7% state sales tax. The entry to journalize the sale would include a credit to Oa. Sales for $5,580 b. Sales Tax Payable for $420 c. Cash for $6,000 d. Sales for $6,420
A business sells $100,000 of products to a customer on account and collects 6% sales tax. Cost of the merchandise sold was $70,000. At the end of the month, the company pays the total sales tax collected ($185,000) to the state department of revenue. Required: Record the entries for (a) 'the sale' and for (b) 'the payment of the sales tax.' Indicate Dr. or Cr. in front of each account.
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $61,700 of merchandise on account, subject to a sales tax of 6%. The cost of the goods sold was $38,720. B. Paid $40,670 to the state sales tax department for taxes collected. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales…
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. _____ _____
Windsor's Boutique has total receipts for the month of $27510 including sales taxes. If the sales tax rate is 5%, what are Windsor's sales for the month? $26200 $26135 $27510 It cannot be determined.
Cheyenne Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,812. All sales are subject to a 6% sales tax. (a1) Compute sales taxes payable. Sales taxes payable $ eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer (a2)
Raney Co is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Raney Co records the sales tax collected in the Sales account. The amount recorded in the Sales account during May was $148,400. What was the amount of sales tax (to the nearest dollar) for May? O $8.726 O $8,400 O $8.904 O $9.438
Dillons Corporation made credit sales of $30 000 which are subject to 6% sales tax The corporation also made cash sales which totaled $20.670 including the 6% sales tax Prepare the entry to record Dillons Credit Sales O Accounts Receivable $30.000 Sales $30,000 O Accounts Receivable $30,000 Sales $28.200 Sales tax Payable $1 800 O Accounts Receivable $30,000 Sales $28.200 Cash $1.800 Accounts Receivable $31.800 $30 000 $1 800 Sales Sales tax Payable
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…
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