Coghlan Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $29,295. All sales are subject to a 5% sales tax.   Compute sales taxes payable. Sales taxes payable Make the entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Q: Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The…

A: The question is based on the concept of Financial Accounting. As per the Bartelby guidelines we are…

Q: Tamarisk, Inc. Supply does not segregate sales and sales taxes at the time of sale. The register…

A: Calculation of sales tax payable:

Q: During December Far West Services makes a $3,000 credit sale. The state sales tax rate is 6% and the…

A: Formula: Total sales tax = State sales tax + Local sales tax where. State sales tax = Sales x State…

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

A: Net sales = Total sales / (1 + Sales tax rate)  = $15,540/ (1 + 0.05) = $14,800

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

A: Sales Tax Payable = Total Sales / (100% + Sales Tax %) * Sales Tax % = $42,000 / (105%) * 5% = $…

Q: On December 1, TRES Company sells ₱3,000 of merchandise on account to QUATRO with credit terms of…

A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within thirty days. And if…

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: On October 1, Year 3, Eure Retailers signed a 4-month, 16% note payable to finance the purchase of…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: In performing accounting services for small businesses, you encounter the following situations…

A: In the 2nd point, $19,080 is inclusive of 6% sales tax. So Sales = $19,080 / 106% = $18,000 Sales…

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: Windsor, Inc. Supply does not segregate sales and sales taxes at the time of sale. The register…

A: Sales tax to be deposited to the state authorities is a liability. Increase in liability should be…

Q: On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account,…

A: Net Payment made = Inventory Purchased - Inventory returned = $252,510 - $30,380 = $222,130

Q: El Sebir Company has credit sales of $575,000 and accounts receivable of $80,000 on December 31,…

A: Accounts receivable refers to the amounts to be received within a short period from customers upon…

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

A: Workings: Greenspan supply can segregate the sales and sales tax payable by computing the sales tax…

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

A: Sales tax payable=Sales×Tax rate

Q: Kaden Co. sells merchandise on credit to Jase Co. for $9,600. The invoice is dated July 15 with…

A: Given information is: Kaden Co. sells merchandise on credit to Jase Co. for $9,600. The invoice is…

Q: Two part question  Part One: Coghlan Auto Supply does not segregate sales and sales taxes at the…

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

Q: 10% sales tax.

A: Calculate Sales tax Payable as follows: Sales tax  Payable=Sales100+ Taxrate×Tax rate…

Q: Manuel Company had cash sales of $86,800 (including taxes) for the month of June. Sales are subject…

A: Solution: Amount of sales without tax = $86,800 * 100 / 108.50% = $80,000 Amount of sales tax =…

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

A: Sales tax is a form of taxation imposed on the sale of goods and services. The tax is imposed by…

Q: On July 1, 2020, Suzan Corp. sells electronic merchandise on account to Sam Inc. for $45,000, terms…

A: The account receivables are referred to as the amount that a business has to collect from its…

Q: Compute sales taxes payable. Sales taxes payable   $             Make the entry to record sales…

A: Sales Tax:   Sales tax is the tax amount paid by a company to a governing body for the amount of…

Q: BE11-3 Coghlan Auto Supply does not segregate sales and sales taxes at the time of sale. The…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: All of Ladd Company's sales are on a credit basis. The following information is available for the…

A: Solution: Net sales = 9,500,000 - 800,000 - 200,000 = 8,500,000 Bad debts expense for the year = Net…

Q: Monty Company does not segregate sales and sales taxes on its cash register. Its register total for…

A: The sales tax amount can be calculated as total sales minus taxable value of sales

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

A: SOLUTION- ADJUSTING ENTRY-  THEY ARE JOURNAL ENTRIES THAT ARE MADE AT THE END OF THE ACCOUNTING…

Q: On November 10 of the current year, Flores Mills sold carpet to a customer for $8,900 with credit…

A: Formula: Cash discount amount = Sales amount x discount rate

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

A: Net sales = Total sales / (1 + Sales tax rate)  = $37,800 / (1 + 0.05) = $36,000

Q: What is the ending balance of Allowance for Doubtful Accounts at December 31, 2018, after all…

A: Accounts Receivable: An accounts receivable is the money owed by the customers to the business for…

Q: Tomm Wholesalers sells construction equipment to small home builders. The following pertains to…

A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value…

Q: ergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…

A: Date Account's title and explanation  Debit ($) Credit ($) Feb. 28  Notes Receivable  20,000…

Q: The following transactions took place in the month of February 2020 : DATE TRANSACTION 1 Sold goods…

A: The debtors journal is prepared to record the balances of all the debtors at one place.

Q: On September 12, Vander Company sold merchandise in the amount of $9,200 to Jepson Company, with…

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

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

A: 1. Computation of sales tax payable:        Hence, sales tax payable is $3,200

Q: On May 1, 2014, Kristoffer Company sold merchandise to Customer Gwen for P40,000, credit terms 2/10,…

A: A. the journal entry to record the sale of merchandise 1 may 2020        account receivables…

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

A: >Sales tax is the tax levied on sales when goods are sold to customers. >The amount of tax is…

Q: On November 5, of the current year, Ligaya Merchandising Enterprise purchased merchandise with the…

A: The trade discount is not recorded in the books. It is just deducted from the list price to get the…

Q: Rincoe Company does not ring up sales taxes separately on the cash register. Total receipts for…

A: Calculation of Amount of Sales Tax Total receipts = Sales + Sales Tax Total receipts = Sales +…

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

A: Sales tax is charged on the sales revenue. It is a consumption-based tax imposed by the government.…

Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…

A: It is the first step of recording financial transactions in the books of accounts that have two…

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

A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…

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: 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…