Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer. To determine: Prepare Journal entry to record a year end entry $ 10 , 000 of previously unrecorded cash sales and its sales taxes at a rate of 4 % , and record Cost of Sales.

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Answer 1

Question

Chapter 9, Problem 2E

1.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Prepare Journal entry to record a year end entry $10,000 of previously unrecorded cash sales and its sales taxes at a rate of 4% , and record Cost of Sales.

2.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Record the journal entry earned service revenue.

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Answer 2

Question

Chapter 9, Problem 2E

1.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Prepare Journal entry to record a year end entry $10,000 of previously unrecorded cash sales and its sales taxes at a rate of 4% , and record Cost of Sales.

2.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Record the journal entry earned service revenue.

Expert Solution & Answer

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Answer 3

Question

Chapter 9, Problem 2E

1.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Prepare Journal entry to record a year end entry $10,000 of previously unrecorded cash sales and its sales taxes at a rate of 4% , and record Cost of Sales.

2.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Record the journal entry earned service revenue.

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Answer 4

Question

Chapter 9, Problem 2E

1.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Prepare Journal entry to record a year end entry $10,000 of previously unrecorded cash sales and its sales taxes at a rate of 4% , and record Cost of Sales.

2.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Record the journal entry earned service revenue.

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Answer 5

Chapter 9, Problem 2E

1.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Prepare Journal entry to record a year end entry $10,000 of previously unrecorded cash sales and its sales taxes at a rate of 4% , and record Cost of Sales.

2.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Record the journal entry earned service revenue.

Answer 6

Chapter 9, Problem 2E

1.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Prepare Journal entry to record a year end entry $10,000 of previously unrecorded cash sales and its sales taxes at a rate of 4% , and record Cost of Sales.

Answer 7

Chapter 9, Problem 2E

1.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Prepare Journal entry to record a year end entry $10,000 of previously unrecorded cash sales and its sales taxes at a rate of 4% , and record Cost of Sales.

Answer 8

2.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Record the journal entry earned service revenue.

Answer 9

2.

Summary Introduction

Introduction: Known (determinable) current liabilities are set by agreement or laws and are measurable with little uncertainty. Current liabilities are called short term liabilities usually have the obligation due within one year or the company’s operating cycle, whichever is longer.

To determine: Record the journal entry earned service revenue.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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