Zom Inc. makes a sale for $400. The company is required to collect sales taxes amounting to 9%, What is the amount that will be credited to the Sales Tax Payable account? Multiple Cholce $36 $33 $200 $39

Zom Inc. makes a sale for $400. The company is required to collect sales taxes amounting to 9%, What is the amount that will be credited to the Sales Tax Payable account? Multiple Cholce $36 $33 $200 $39

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 3.2C

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Tess3false Merchandise is sold for cash. The selling price of the merchandise is $2,000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include a credit to Oa. Sales for $1,860 Ob. Cash for $2,000 O c. Sales Tax Payable for $140 Od. Sales for $2,140 Previous Submit Test f Email Instructor All work saved. 64°F ^ E I 99+
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Check my work Use me ToilowiLng mmoiTllation TOI tihe Cxercises pelowv. (Alyuj [The following information applies to the questions displayed below.] 1. On July 15, Piper Co. sold $25,000 of merchandise (costing $12,500) for cash. The sales tax rate is 5%. On August 1, Piper sent the sales tax collected from the sale to the government. 2. On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $750 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Exercise 9-3 (Algo) Financial statement impact of current liability transactions LO C2 Analyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. (Enter all amounts as positive values.) Date Assets Liabilities + July 15 + July 15 %3D August 1 %3D November 3 November 20 %3D
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Q4. A sale of merchandise on account for $5,000, terms n/30, is subject to an 8% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? Answer: ______________________________________________________________________ (b) What is the amount of the sale? Answer: ______________________________________________________________________ (c) What is the amount of the increase to Accounts Receivables? Answer: ______________________________________________________________________ (d) What is the title of the account in which the $400 ($5,000 x 8%) is recorded? Answer: ______________________________________________________________________
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16.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 journal entry for the sale would include a credit to a.Sales Tax Payable for $420 b.Cash for $6,000 c.Sales for $5,580 d.Sales for $6,240 17. Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from these transactions? a.$26,010 b.$24,990 c.$25,500 d.$16,000 18. When a buyer returns merchandise purchased for cash, the buyer will journalize the transaction as a….. a.debit to Cash and a credit to Sales b.debit to Cash and a credit to Merchandise Inventory c.debit to Merchandise Inventory and a credit to Cash d.debit to Sales and a credit to Accounts Payable 19. A sales invoice included the following information: merchandise price, $8,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,100 added to the invoice. Assuming that a…
A shopkeeper sells an article at its marked price RO 7500 and charges sales-tax at the rate of 12% from the customer. If the shopkeeper pays a VAT of RO 180, Calculate the price inclusive of tax paid by the shopkeeper. O a. 7500 RO O b. 6000 RO O c. 6720 RO O d. 8400 RO
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YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon
9 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 610 RETURNS ON SALES 1.000 191 DEDUCTIBLE VAT 180 100 CASE 1180 Which process does the registration belong to?A) The customer returns the goods he receivedB) The seller returns the goodsC) Discounting to the customerD) The business returns the goods it has receivedE) Discounting on goods sold