Sales sales revenue for a sporting good store amounted to $539,000 for the correct. All sales are on account and are subject to a sales tax of 11% which of the following would be included in the journal entry to record sales transaction

Q: Sales tax transactions Journalize the entries to record the following selected transactions:A. Sold…

A: All the transactions of the company that are happened during the year will be recorded first in the…

Q: In its first period of trading a business has charged sales tax of $12,000 on its credit sales and…

A: We have the following information: Sales tax charged on credit sales: $12,000 Sales tax charged on…

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: During its first year of operations, Cooper Company bills credit customers $19,800 for services…

A: As per accounting concept, revenue and expenses should be recognized on accrual basis. It means,…

Q: Brueser Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000,…

A: Journal entries are prepared to record the financial and non financial transactions of the business.

Q: During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost…

A: Gross profit = Sales - Cost of merchandise sold. First, compute the total sales as shown below:

Q: During December, Far West Services makes a $5,000 credit sale. The state sales tax rate is 6% and…

A: Debit what comes in and credit what goes out Debit the receiver and credit the giver Debit all 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: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…

A: Cost of sales is the total purchase  value of goods sold

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: The following selected transactions were completed by Green Lawn Supplies Co., which sells…

A:

Q: YE Company ships inventory to its branch at a mark-up of 125% of cost. The required balance of the…

A: Some time , head office sent the goods to branch at price over the cost price for which the head…

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: Abbey Co. sold merchandise to Gomez Co. on account, $35,000, subject to a sales tax of 5%.  The cost…

A: Sales tax payable = Sales x sales tax rate

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: The following are ABM Store's year-end balances of selected accounts: Cash, P200,000.00; Sales,…

A: The financial statements are prepared to calculate the financial performance of the company.

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: The following are ABM Store's year-end balances of selected accounts: Cash, P200,000.00; Sales,…

A: Net Sales = Sales - Sales Discount Gross Profit = Net Sales - Cost of Goods sold Net Income = Gross…

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: Journalize the entries to record the following selected transactions: i. Sold $900 of merchandise on…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

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: 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: On October 12, Equipment Incorporated sells $53,000 worth of equipment on account to a credit…

A:

Q: D. The following selected account balances were taken from the records of J. Gucela Company, for the…

A: Q1. Computation of Input Tax: given, VAT @ 12%   Particulars Amount         Purchase 100000…

Q: The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in 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: A company receives $444, of which $44 is for sales tax. The journal entry to record the sale would…

A: Journal entry means the entry in prime book with chronological order. Journal entry should have…

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: 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: 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: 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: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…

A: Net purchases is calculated after subtracting the purchase discounts, purchase returns, and…

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

A: Sales tax payable = Sales x rate of tax

Q: At the end of the year Stan Still Stationery Store had the following balances: Sales $485,000; Sales…

A: Net sales can be calculated by deducting sales discounts and sales returns and allowances from the…

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: Cobb department store sells gift certificates redeemable only when merchandise is purchased.  These…

A: Unearned revenue represents the amount for which the money has been received but the revenue has not…

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: Urban Star Sporting Goods must charge 8 percent sales tax on all sales. DATE TRANSACTIONS 20x1 Feb.…

A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…

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: JUNGKOOK Company sells gift certificates redeemable only when merchandise is purchased. Upon…

A: The redeemed certificate and expired certificate are the only amounts that are recorded as earned…

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: The following information relates to Eva Co's sales tax for the month of March 20X3: $ Sales…

A: We have the following information: Sales (including sales tax): $109,250 Purchases (net of sales…

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.…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is