Horngren's Financial & Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780133866292
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 11, Problem 11.14E
Recording sales tax
Consider the following transactions of Moore Software:
| Mar. 31 | Recorded cash sales of $170,000, plus sales tax of 5% collected for the state of New Jersey. |
| Apr. 6 | Sent March sales tax to the state. |
Journalize the transactions for the company. Ignore cost of goods sold.
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Recording sales tax
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Consider the following transactions of Johnson Software:
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Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the
explanation on the last line of the journal entry table.)
Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey.
Sent March sales tax to the state.
Mar. 31: Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. (Prepare a
single compound entry for this transaction.)
Accounts and Explanation
Date
Mar. 31
Debit
Credit
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.
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Chapter 11 Solutions
Horngren's Financial & Managerial Accounting (5th Edition)
Ch. 11 - Prob. 1QCCh. 11 - On January 1, 2016, a business borrowed 18,000 on...Ch. 11 - A company sells 180,000 (selling price) of goods...Ch. 11 - Prob. 4QCCh. 11 - Prob. 5QCCh. 11 - Prob. 6QCCh. 11 - Prob. 7QCCh. 11 - Vega Company expects to pay a 4% bonus on net...Ch. 11 - Prob. 9QCCh. 11 - Prob. 10QC
Ch. 11 - Prob. 1RQCh. 11 - What is a current liability? Provide some examples...Ch. 11 - How is sales tax recorded? Is it considered an...Ch. 11 - How do unearned revenues arise?Ch. 11 - What do short-term notes payable represent?Ch. 11 - Coltrane Company has a 5,000 note payable that is...Ch. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - Prob. 10RQCh. 11 - What are the two main controls for payroll?...Ch. 11 - When do businesses record warranty expense, and...Ch. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Determining current versus long-term liabilities...Ch. 11 - Prob. 11.2SECh. 11 - Prob. 11.3SECh. 11 - Accounting for a note payable On December 31,...Ch. 11 - Prob. 11.5SECh. 11 - Prob. 11.6SECh. 11 - Computing payroll amounts considering FICA tax...Ch. 11 - Prob. 11.8SECh. 11 - Prob. 11.9SECh. 11 - Prob. 11.10SECh. 11 - Prob. 11.11SECh. 11 - Accounting treatment for contingencies Fernandez...Ch. 11 - Prob. 11.13SECh. 11 - Recording sales tax Consider the following...Ch. 11 - Prob. 11.15ECh. 11 - Recording and reporting current liabilities...Ch. 11 - Journalizing current liabilities Erik OHern...Ch. 11 - Prob. 11.18ECh. 11 - Recording employer payroll taxes and employee...Ch. 11 - Prob. 11.20ECh. 11 - Prob. 11.21ECh. 11 - Prob. 11.22ECh. 11 - Prob. 11.23ECh. 11 - Prob. 11.24ECh. 11 - Prob. 11.25APCh. 11 - Prob. 11.26APCh. 11 - Journalizing liability transactions T he following...Ch. 11 - Journalizing liability transactions The following...Ch. 11 - Prob. 11.29APCh. 11 - Prob. 11.30BPCh. 11 - Prob. 11.31BPCh. 11 - Prob. 11.32BPCh. 11 - Prob. 11.33BPCh. 11 - Prob. 11.34BPCh. 11 - Prob. 11.35CPCh. 11 - Prob. 11.1CTDCCh. 11 - Sell-Soft is the defendant in numerous lawsuits...Ch. 11 - Prob. 11.1CTEICh. 11 - Derails about a company's liabilities appear in a...Ch. 11 - Prob. 11.1CTCA
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