Abbey Co. sold merchandise to Gomez Co. on account, $35,000, subject to a sales tax of 5%.  The cost of the merchandise sold is $24,500.  When recording the general journal entry, how much should be credited to the liability account called sales tax payable?

Q: A company receives $396, of which $36 is for sales tax. The journal entry to record the sale would…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: A sale of merchandise on account for $15,750 is subject to a 7% sales tax. (a)  Should the sales tax…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: During the month of September, the following transactions occurred. The applicable sales tax rate is…

A: Journal entries: Journal entries record the transactions of a business. It presents transactions…

Q: During the month of September, the following transactions occurred. The applicable sales tax rate is…

A: Journal is the first place where a transaction is recorded. It contains record of transaction…

Q: On March 25, Osgood Company sold merchandise on account, $2,700 terms n/30. The applicable sales tax…

A: Accounts receivable = Sold amount*(1+Tax rate) Accounts receivable = $2,700*(1+7%) Accounts…

Q: A shopkeeper sells an article at its marked price RO 7500 and charges sales-tax at the rate of 12%…

A: Formula: Tax amount = Tax percent x sale value Multiplying tax percent with sale value derives the…

Q: ournalize the entries to record the following selected transactions:   (a) Sold $ 2,000 of…

A: Definition: Journal: Journal is the method of recording monetary business transactions in…

Q: The following costs were among those incurred by Woodcroft Corporation during 2007: Merchandise…

A: Cost system is the system which is designed to evaluate the monitor the cost incurred by the…

Q: A retail store credited the Sales account for the sales price and the amount of Goods and Services…

A: Introduction: The goods and services tax (GST) is a value-added tax imposed on the majority of goods…

Q: Shaw sold 1500 units of XOM for $20 per unit plus 8% sales taxes to Polo Company in cash. Sales tax…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Merchandise is sold for cash. The selling price of the merchandise is $3,000 and the sale is subject…

A: We have the following information: Merchandise is sold for cash The selling price of 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: Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts…

A: Sales tax payable = Sales  x Sales tax rate = $64,400 x 4% = $2,576

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: Journalize the entries to record the following selected transactions:a. Sold $62,800 of merchandise…

A: a.Journal entry to record Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The…

Q: ournalize the entries to record the following selected transactions. Refer to the Chart of Accounts…

A: Sales tax on sale = $64,300*5% Sales tax on sale = $3,215

Q: Sunland Auto Supply does not segregate sales and sales taxes at the time of sale. The register total…

A: Solution  1: Sales = Total amount / 110% = 55000 / 110%  = $50000 Sales tax payable = sales * 10%  =…

Q: On July 15, Piper Co. sold $10,000 of merchandise (costing $5,000) for cash. The sales tax rate is…

A: Sales Tax Payable: Sales Tax  is levied on the sales made. It is collected by the seller from the…

Q: The accounting records of the Meadowbrook Company show the following: / Los records contables de…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: Redlands Inc. sold inventory for $100 on credit and charged 5% sales tax on the sale. The amount of…

A: Sales Revenue :— It is the income that is earned or received from sale of goods to customer or…

Q: Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject…

A: Given: Selling price - $3,700 State sales tax-8%

Q: A sale of merchandise on account for $36,000 is subject to an 8% sales tax. (a) Should the sales tax…

A: a) State whether the sales tax should be recorded at the time of sale or when payment is…

Q: Sales Tax A sale of merchandise on account for $17,400 is subject to a 7% sales tax. (a)  Should the…

A: Sales tax should be recorded at the time of sale.

Q: During the month of September, the following transactions occurred. The applicable sales tax rate is…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Merchandise is sold for cash. The selling price is the merchandise is $5,000 and the sale is subject…

A: Sales tax payable = 5,000 x 5% = $250

Q: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after…

A: Estimated Sales return are deducted from the sales of the year to arrive at the net sales as per the…

Q: Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep…

A:

Q: Sales Tax Transactions Journalize the entries to record the following selected transactions.…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: Lewis Co. sold merchandise to AdCo for $60,000 and received $60,000 for that sale one month later.…

A: Given information is: Lewis Co. sold merchandise to AdCo for $60,000 and received $60,000 for that…

Q: Douglas Corporation reports it sold merchandise on account for a total of $800,000 for the current…

A: When discounts are being provided to customers, discount expense is recorded with the discount…

Q: A business sells $100,000 of products to a customer on account and collects 6% sales tax. Cost of…

A: a. Date Account Titles and Explanation Debit Credit   Accounts receivable $106,000…

Q: Swisher Company sold inventory with a selling price of $5,000 to customers for cash.It also…

A: To record Sales Tax received from customer,  Debit cash account account Credit sales revenue account…

Q: Merchandise is sold for cash. The selling price of the merchandise is $2,000 and the sale is subject…

A: When merchandise is sold for cash and sales tax is applicable, then for recording the journal entry…

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: 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: Sales tax transactions Journalizing injuries to record the following selected transactions A. Sold…

A: Given,  Sales on account = $3,000 Cost of goods sold = $1,770 Sales tax = 7%   Sales taxes paid =…

Q: Alexis Company has total credit sales proceeds of $4,515 in the check-out till. If the proceeds…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: The following are purchase transactions on account of JC Clothing Store for the month of June.…

A: A) & C) Purchase Journal: Date Suppliers Particulars Terms Invoice Number Net VAT @ 12% Gross…

Q: American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus…

A: Sales Return - Sales Return is the sales made by the company due to some defect or quality issue…

Q: Sheffield Auto Supply does not segregate sales and sales taxes at the time of sale. The register…

A: Sales tax: Tax imposed on the goods sold called sales tax.

Q: Record the transactions in a general journal.

A: Meaning of sales tax Sales tax is a tax collected by the government. Generally, the seller collect…

Q: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after…

A: 1. (a) Record actual returns in 2021 of merchandise that was sold prior to 2021 : DATE…

Q: GAS" Company does not segregate sales and sales taxes at the time of sale. The sales register total…

A: Sales and Sales tax both are different, sales is a part of revenue whereas Sales tax is a part of…

Q: Sales revenue for a sporting goods store amounted to $526,000 for the current period. All sales are…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: State the accounting entries required if a business made sales on credit of $10,000, on which it…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Merchandise is sold for cash. The selling price of the merchandise is $5,100 and the sale is subject…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…