can I get some help with this question Excise and Sales Tax CalculationsClifford Company has just billed a customer for $1,100, an amount that includes a eight percent excise tax and a two percent state sales tax.a. What amount of revenue is recorded?b. Prepare a general journal entry to record the transaction on the books of Clifford Company.Round all answers to the nearest dollar.a. Amount of recorded revenue $b.General JournalDateDescriptionDebitCreditDec.31Excise Tax PayableSales Tax PayableTo record sale on account subject to excise tax and sales tax. Excise and Sales Tax CalculationsClifford Company has just billed a customer for $1,100, an amount that includes a eight percent excise tax and a two percent state sales tax.a. What amount of revenue is recorded?b. Prepare a general journal entry to record the transaction on the books of Clifford Company.Round all answers to the nearest dollar.a. Amount of recorded revenue $b.General JournalDateDescriptionDebitCreditDec.31Excise Tax PayableSales Tax PayableToAccounts ReceivableExcise Tax PayableSales Tax PayableSalesO PreviousA Save AnsSwers

Given information is: Billing amount = $1100 Excise tax = 8% State Sales Tax = 2%

Answered: can I get some help with this question

Business

Accounting

can I get some help with this question

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 10SPB: SALES TRANSACTIONS T. M. Maxwell owns a retail business and made the following sales on account...

See similar textbooks

Similar questions

Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of sale, Smith includes the combined amount of both sales and sales tax in the sales account. At the end of May, Smiths sales account for May has a credit balance of 540,000. Prepare the sales tax adjusting journal entry for the end of May.
Sales Tax Cobb Baseball Bats sold 45 bats for $50 each, plus an additional state sales tax of 6%. The customer paid cash. Required: Prepare the journal entry to record the sale.
CORPORATE INCOME TAX Stanton Company estimates that its 20-1 income tax will be 80,000. Based on this estimate, it will make four quarterly payments of 20,000 each on April 15, June 15, September 15, and December 15. 1. Prepare the journal entry for April 15. 2. Assume that all four quarterly payments have been entered in the general journal. On December 31, Stantons actual income tax amounts to 86,000. This amount will be paid by March 15, 20-2. Prepare the journal entry to record the additional income tax owed.
Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells another cellular phone for $500. Sales tax is computed at 3.5% of the total sale. Prepare journal entries for each sale, including sales tax, and the remittance of all sales tax to the tax board on October 23.
SALES JOURNAL Futi Ishanyan owns a retail business and made the following sales during the month of August 20--. There is a 6% sales tax on all sales. Aug. 1Sale No. 213 to Jeter Manufacturing Co., 1,300, plus sales tax. 3Sale No. 214 to Hassan Co., 2,600, plus sales tax. 7Sale No. 215 to Habrock, Inc., 1,700, plus sales tax. (Open a new account for this customer. Address is 125 Fishers Dr., Noblesville, IN 478708867.) 11Sale No. 216 to Seth Mowbray, 1,400, plus sales tax. 18Sale No. 217 to Hassan Co., 3,960, plus sales tax. 22Sale No. 218 to Jeter Manufacturing Co., 2,800, plus sales tax. 30Sale No. 219 to Seth Mowbray, 1,900, plus sales tax. Required 1. Record the transactions in the sales journal starting with page 8. Total and verify the column totals and rule the columns. 2. Post from the sales journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.
SALES TRANSACTIONS T. M. Maxwell owns a retail business and made the following sales on account during the month of July 20--. There is a 5% sales tax on all sales. REQUIRED 1. Record the transactions starting on page 15 of a general journal. 2. Post from the journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.
SALES JOURNAL T. M. Maxwell owns a retail business and made the following sales during the month of July 20--. There is a 5% sales tax on all sales. July 1Sale No. 101 to Saga, Inc., 1,200, plus sales tax. 8Sale No. 102 to Vinnie Ward, 2,100, plus sales tax. 15Sale No. 103 to Dvorak Manufacturing, 4,300, plus sales tax. 21Sale No. 104 to Vinnie Ward, 1,800, plus sales tax. 24Sale No. 105 to Zapata Co., 1,600, plus sales tax. (Open a new account for this customer. Address is 789 N. Stafford Dr., Bloomington, IN 474016201.) 29Sale No. 106 to Saga, Inc., 1,450, plus sales tax. Required 1. Record the transactions in the sales journal. Total and verify the column totals and rule the columns. 2. Post the sales journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.
UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND PERCENTAGE OF RECEIVABLES At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yangs Gift Shop was 30,000. Credit sales for the year were 355,200. REQUIRED Make the necessary adjusting entry in general journal form under each of the following assumptions. Show calculations for the amount of each adjustment and the resulting net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of 330. (a) The percentage of sales method is used and bad debt expense is estimated to be 2% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 6,950 in uncollectible accounts. 2. Allowance for Doubtful Accounts has a debit balance of 400. (a) The percentage of sales method is used and bad debt expense is estimated to be 1.5% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 5,685 in uncollectible accounts.