urnal book, you can see the TIN of the buyer. It is on the "T
Q: Ben City issued a purchase order on 05/10/19 for supplies with an estimated cost of $8600. An…
A: An event after the reporting date provides evidence of the condition that exists at the reporting…
Q: On March 3, Sandhill Appliances sells $764, 900 of its receivables to Western Factors Inc Western…
A: Accounts receivable (AR) refers to the balance of money due to an entity for the items or services…
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: During the month of June, Marigold Boutique recorded cash sales of $323,400 and credit sales of…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: Oswego Clay Pipe Company sold $45,800 of pipe to Southeast Water District 45 on April 12 of the…
A: The journal entries are prepared to record the transactions on regular basis. The purchase and sales…
Q: Assets 050 (1,050) 1,050 1,050 050 (1,050) e Choice Balance Sheet Stockholders' Equity NA =…
A: The account receivables is the current assets for the business. The allowance for doubtful accounts…
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: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $55,000, terms…
A: Journal: It is the systematic record of a financial transactions of a business recorded in a…
Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…
A: Sure, let's break down the transactions and accounting entries step by step. 1. **February 28:**…
Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…
A: A Journal entry is a primary entry that records the financial transaction initially. The…
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: Merchandise is sold for cash. The selling price of the merchandise is $5,100 and the sale is subject…
A: Accounting for Sales Tax business is collecting sales tax on behalf of tax authorities, the tax is…
Q: During December, Far West Services makes a $5,000 credit sale. The state sales tax rate is 6% and…
A: Debit what comes in and credit what goes out Debit the receiver and credit the giver Debit all the…
Q: Merchandise is sold for cash. The selling price of the merchandise is $1,100 and the sale is subject…
A: When we do sales,we need pay sales tax on sales made at a percentage given.That sales tax is…
Q: December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would…
A: Under allowance method, bad debt recovered will first reinstated that means accounts receivable…
Q: During December, Rainey Equipment made a 676,000 credit sale. The state sales tax rate is 6% and the…
A: It is pertinent to note that sales tax collected is a liability to the entity and the same need to…
Q: Merchandise is sold for cash. The selling price of the merchandise is $3,800 and the sale is subject…
A: Given: Selling price - $3,800 State sales tax-8%
Q: During December, Far Eas Services makes a credit sale of $2,200 (before sales taxes). The state…
A: Journal entry is the first stage of the accounting process.Journal entry is used to record business…
Q: uttercup Florist uses the allowance method to account for uncollectible accounts. Unable to collect…
A: Solution: Under allowance method to account for uncollectible accounts, any write off of…
Q: Make the entry to record sales taxes payable and sales revenue. (Credit account titles are…
A: Sales tax revenue refers to the amount of money collected by a government or tax authority from the…
Q: At the end of 2022, Cullumber Co. has accounts receivable of $733,700 and an allowance for doubtful…
A: A journal entry is a basic accounting record that is used to chronologically track financial…
Q: Prepare the entry to record Ayayai's cash sales. (If no entry is required, select "No Entry" for the…
A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…
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: Marin Family Importerssold goods to Tung Decorators for $ 31,800 on November 1, 2022, accepting…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
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: The Giles Agency offers a 8% trade discount when providing advertising services of $1,000 or more to…
A: Journal Entry for the Giles AgencyTransactionGeneral JournalDebitCredit1Accounts Receivable$1,656…
Q: 2 Your answer is partially correct. Try again. Dn January 10, 2019, Swifty Corporation sold…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Pharoah Company sells merchandise on account for $3500 to Riverbed Company with credit terms of…
A: Calculate the amount of check.
Q: Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 o April 12 of the…
A: The journal entries are prepared to record the transactions on regular basis. The purchase and sales…
Q: No Plagiarism Please! 21. Complete the following transactions and explain how they would appear in…
A: Since you have posted multiple questions, we will solve the first one for you. if you want any…
Q: 10% sales tax.
A: Calculate Sales tax Payable as follows: Sales tax Payable=Sales100+ Taxrate×Tax rate…
Q: Calculate the credit given for the partial payment and the net amount due on the invoice (in $).…
A: Collection from customer or receivables is directly effects the cash. It is a part of working…
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: Blossom Co. uses the gross method to record sales made on credit. On June 1, 2025, it made sales of…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Walter's widgets received a bill for merchandise with a net price of $7,170.26. Walter is offered a…
A: Walter is offered a 2% cash discount if he pays within 10 days of the invoice date. The partial…
Q: On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500…
A: The account receivables is the current assets for the business. The allowance for doubtful accounts…
Q: During the month of June, Concord Boutique recorded cash sales of $334,910 and credit sales of…
A: Credit sales are deals in which products or services are vended to guests on credit, with the…
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: 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: Retailers that accept credit cards pay a “swipe fee” to credit-card issuers such as Visa and…
A: Surcharge is defined as the extra or additional charge or tax which is added to the cost of the…
Q: A sale of merchandise on account for $12,000 is subject to an 8% sales tax. (a) Should the sales…
A: Sales tax is a tax which is collected from the customer on purchase of goods. This is collected by…
Q: Wildhorse Auto Supply does not segregate sales and sales taxes at the time of sale. The register…
A: Net sales = Total sales / (1 + Sales tax rate) = $37,800 / (1 + 0.05) = $36,000
Q: During December, Far West Services makes a $3,600 credit sale. The state sales tax rate is 6% and…
A: Total Sales tax payable = Sales revenue x sales tax rate = 3600 x (6+2.5)% = $306
Q: Tomm Wholesalers sells construction equipment to small home builders. The following pertains to…
A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value…
Q: ergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…
A: Date Account's title and explanation Debit ($) Credit ($) Feb. 28 Notes Receivable 20,000…
Q: On July 18, 2021, Philly Furniture Factory sold 20 reclining rockers to Dave's Discount Furniture…
A: DISCOUNT TERM The 2/10 net 30 Calculation is a way of Providing Discount on Purchase. It means that…
TRUE OR FALSE
- VAT registered taxpayers can submit any form of purchase and sales journal as long as the total sales for the month equal the remitted amount to the BIR.
- In the sales journal book, you can see the TIN of the buyer.
- It is on the "TRAIN LAW" that the threshold on VAT is at 3million compared to the 1.9million implementation.
- In the 2550 BIR Form, online remittance does not automatically compute for the tax due.
- The Source of Financing includes considering the income to be earned by the business.
Step by step
Solved in 2 steps
- Sunland Company Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $13,375. All sales are subject to a 7% sales tax.Compute sales taxes payable. Sales taxes payable $ enter a dollar amount Make the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16 enter an account title to record sales taxes payable and sales on March 16 enter a debit amount enter a credit amount enter an account title to record sales taxes payable and sales on March 16 enter a debit amount enter a credit amount enter an account title to record sales taxes payable and sales on March 16 enter a debit amountFirms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit, which affect the cost of asset of sale for the buyer as well as the seller. Consider this case: Tasty Tuna Corporation buys on terms of 1/20, net 60 from its chief supplier. If Tasty Tuna receives an invoice for $1,254.98, what would be the true price of this invoice? (Note: Round all intermediate calculations to four decimal places, and your final answer to two decimal places.) $1,553.04 $1,242.43 $1,056.07 O $931.82 The nominal annual cost of the trade credit extended by the supplier is calculations to four decimal places, and your final answer to two decimal places.) , assuming a 365-day year. (Note: Round all intermediate Suppose Tasty Tuna does not take advantage of the discount and then chooses to pay its supplier late-so that on average, Tasty Tuna will pay its supplier on the 65th day after the sale. As a result, Tasty Tuna can decrease its nominal cost of trade…On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112.500 would be uncollectible. Loudoun uses the allowance method. On February 15, Year 2, one of Loudoun's customers failed to pay his $1,050 account and the account was written off. On April 4, Year 2, this customer paid Loudoun the $1,050. Which of the following correctly states the effect of Loudoun's recording the restablishment of the receivable on April 4, Year 2? Cash 蛋蛋蛋白 NA a. b. NA C. NA d. NA Assets Multiple Choice + Net Realizable Value - 1,050 (1,050) (1,050) (1,050) 1,050 (1,050) Option A Option Balance Sheet Option C Liabilities + Accounts Payable + NA + NA (1,050) 1,050 + Stockholders' Equity Retained earnings NA (1,050) NA NA Common Stock NA NA NA (1,050) Revenue NA (1,050) NA NA Income Statement Expenses NA NA NA 1,050. = Net Income NA (1,050) NA (1,050) Statement of Cash Flows NA NA NA NA
- On March 19 Gunderson’s Hardware received a $20,800 invoice dated March 15. Cash discount terms were 3/10, n/30. On March 24, Gunderson sent an $8,320 partial payment. What is the outstanding amount due on this invoice? What is the outstanding on this invoice?Dextra Computing sells merchandise for $16,000 cash on September 30 (cost of merchandise is $11,200). Dextra collects 7% sales tax. Record the entry for the $16,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. View transaction list Journal entry worksheet 1 2 3 Record the cash sales and 7% sales tax. Date September 30 Note: Enter debits before credits. General Journal Debit Credit >anhoe Corporation made credit sales of $18,600 which are subject to 7% sales tax. The corporation also made cash sales which taled $24,503 including the 7% sales tax. ) Prepare the entry to record Ivanhoe's credit sales. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before Credit entries.) Account Titles and Explanation Accounts Receivable Debit 18600 Credit
- 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)Provide the following independent journal entries: a. July 31, 2019. We had $1,000,000 of credit sales in July. We estimate that our bad debt expense will be 1% of credit sales. b. Aug. 15, 2019. We have an account receivable from Frank Farmworker for $500. On Aug. 15 we decide that we will not collect this account, so need to write it off. On Sept. 5 we get a check from Frank in the mail. c. Dec. 31, 2019. Allowance for Bad Debts currently has a credit balance of $7,200. We perform an aging of accounts receivable, and determine that the Allowance should have a balance of $10,100. d. Dec. 31, 2020. We age our accounts receivable: Age of accounts . Days: 1-30 31-60 61-9091+Total Accounts receivable$85,000$40,000$10,000$2,000$137,000 Estimate % uncollectible 1% 5% 20% 60% What balance should the…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
- Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $486,000 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $286,740. If an amount box does not require an entry, leave it blank. b. Paid $42,780 to the state sales tax department for taxes collected. If an amount box does not require an entry, leave it blank. Check My Work ▾ Previous NextGarner's Antique Hot Rods recently sold a 1957 Chevy for $75,000 on account. The state sales tax is 6%, and there is a $500-per-car federal excise tax. Required: Hide Prepare the journal entry to record the sale. If an amount box does not require an entry, leave it blank. (Record sale)Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $128,500, allowance for doubtful accounts of $905 (credit) and sales of $1,045,000. If uncollectible accounts are estimated to be 0.7% of sales, what is the amount of the bad debts expense adjusting entry?