Merchandise is sold for cash. The selling price is the merchandise is $5,000 and the sale is subject to a 5% state sales tax. The journal entry to record the sale would include  a credit to sales for $5,250 none of these  a credit to sales tax payable for $250

Q: Venus Corp. sold goods, with a selling price of $18,421, for cash. The state sales tax rate is 8%.…

A:

Q: Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…

A: ANSWER (3 - a)   DATE PARTICULARS DEBIT ($) CREDIT ($) 17 NOV , 2021 ACCOUNTS RECEIVABLE…

Q: A private enterprise sold some merchandise for $160,000 on January 1, 2020. The customer paid…

A: It is the current value of future sum of money to be received at specified interest rate

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: Shoemart Company issues gift certificates in denominations of P50, P100, P500 and P1,000. These…

A: Gift certificates are certificates that are being sold by the business for a particular price. Their…

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

A: Accounting for Sales Tax  business is collecting sales tax on behalf of tax authorities, the tax is…

Q: On 10/1/2020, Al-Salam stores purchased goods from Al-Hamid stores for the amount of 800,000 dinars…

A: Required  Journal enrty for payment made.

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: 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: Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17,…

A: Gross method is an Method where Sales are recorded in Full value including the discount amount which…

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: ABC Department Store sells gift certificates that are redeemable only when the merchandise is…

A: Solution: Liability for outstanding gift certificates on Dec 31, 2019 = Gift certificates…

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: racy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…

A: Journal entry is a primary entry entry that records the financial transactions nitially.

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: A company receives $696, of which $56 is for sales tax. The journal entry to record the sale would…

A: In the journal entry for the sale with sales tax, the cash is debited, sales revenue is credited,…

Q: A retailer sells merchandise for $500 cash on June 30 (cost of merchandise is $300). The retailer…

A: Sales tax collected = Cash sales x sales tax rate = $500 x 7% = $35

Q: Sales Tax Grey's Furniture sold 50 couches to Shepherd Inc. for $980 each plus an additional state…

A: Given that, Number of couches sold to Shephered Inc = 50 sale value of Each couch = $980 sales tax =…

Q: Loudoun Trucking purchases 4,750 truck tires. The federal excise tax is $0.13 per tire. Find the…

A: The amount of excise tax can be calculated  Excise tax =Number of truck tires purchased× Federal…

Q: sand Venus Corp. sold goods, with a selling price of $16,221, for cash. The state sales tax rate is…

A: Sale tax is amount of tax payable on the sale made. It is a source of revenue to the government of 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: I: Record the entry for cash sales and its sales taxes. Note: Enter debits before credits.…

A: Journal Entry: Business Transactions  are recorded through Journal.

Q: Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 7…

A: The net income or loss is calculated as difference between sales and total expenses.

Q: Chris Company sold merchandise for cash to Shadi Company for $103,000 including 3% sales taxes.

A: Sale is defined as the transaction among two or more than two parties, under which the buyer gets…

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

A: Solution: Sales will be credited by = $2,000 Sales tax payable will be credited by = 2000*7% = $140…

Q: Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods)…

A: Journal entry for trade discount is not recorded in the books of accounts

Q: business was started when the company received $50,000 fro 2. Purchased equipment inventory of…

A: All cash operations related to the day to day activities are operating activities , cash operations…

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: A company receives $696, of which $56 is for sales tax. The journal entry to record the sale would…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Jan. 9, 2023 Purchased computer equipment at a cost of $11,000, signing a six-month, 7% note payable…

A: The question is related to passing Journal Entires for the year 2023 and 2024.

Q: Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…

A:

Q: Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900).…

A: Sales Tax - Sales Tax is the tax collected on the sales made by the company from the customer. It is…

Q: Sold 64,400 of merchandise on account , subject to a sales tax of 4%. The cost of the goods sold was…

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

Q: Record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7%…

A: Journal entries are the basic method for recording financial transactions in the books of accounts.…

Q: Cobb Baseball Bats sold 45 bats for $50 each, plus an additional state sales tax of 6%. The customer…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Garner's Antique Hot Rods recently sold a 1957 Chevy for $75,000 on account. The state sales tax is…

A: Record the journal entry for sale as shown below:

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: 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.…