Sales Tax A sale of merchandise on account for $17,400 is subject to a 7% sales tax. (a)  Should the sales tax be recorded at the time of sale or when payment is received?  (b)  What is the amount credited to sales?$ (c)  What is the amount debited to Accounts Receivable? If required, round your answers to the nearest cent.$ (d)  What is the account to which the $1,218.00 is credited?

Q: Merchandise subject to terms 3/10, n/25, FOB shipping point, is sold on account to a customer for…

A: When customers pay within the stated discount periods, sales discounts (if offered by sellers)…

Q: net sales from the above transactions? 12. Silver Co. sold merchandise to Bronze Co. on account,…

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

Q: Excise and Sales Tax Calculations Clifford Company has just billed a customer for $1,100, an amount…

A: Revenue: It implies to the income that is earned by the business during it's course of trading…

Q: Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the…

A: Term 2/15, n/45 represent that the payment is due in 45 days and if the payment is made by the…

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

A:

Q: The following information relates to Eva Co's sales tax for the month of March 20X3: $ 109,250 Sales…

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

Q: Q4. A sale of merchandise on account for $5,000, terms n/30, is subject to an 8% sales tax. (a)…

A: Sales Tax - Sales Tax is the tax that charged by the the seller the customer. This is not the income…

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: 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: Humble Co. sells merchandise on credit to Wise Co in the amount of P9,600. The invoice is dated on…

A: ''1/ 15'' means the buyer can take 1 % discount advantages,if he pays the dues with in 15 days/

Q: On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with…

A: Formula: Sales discount = Net sales x Discount rate

Q: 54. An Entity buys a merchandise for P10,000 which include a VAT. It sells the same article for…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

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: Abbey Co. sold merchandise to Gomez Co. on account, $37000, terms 2/15, net 45. The cost of the…

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 $3,700 and the sale is subject…

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

Q: Bargain Surplus made cash sales during the month of October of $475,000. The sales are subject to a…

A: Journal - The primary books of accounts in which transactions are first recorded in chronological…

Q: The following information relates to Eva Co's sales tax for the month of March 2015: 2$ 109,250…

A: Sales tax on sales = [Sales / (1 + sales tax rate)] x sales tax rate = [109250/(1+0.15)]*15% =…

Q: Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for…

A: Introduction:- Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to 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 costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within…

A: Net sales = Sales - Discount Gross profit = Net sales - Cost of goods sold

Q: Jacob Co. sells merchandise on credit to Isaiah Co. for $9,700.  The invoice is dated on May 1 with…

A: 1/15 means 1% discount will be there if payment is made with in 15 days and no discount after 15…

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: 16.Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is…

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

Q: What is the amount of sales from the above transactions

A: Discount: - When ever we buy something, we ask the seller to reduce the price of the item. But…

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: Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the…

A: Credit Term 2/15, net 45 means the Credit period is 45 Days dollar company has to make the payment…

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: Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for…

A: Term 2/10, n/30 represent that the payment is due in 30 days and if the payment is made by the…

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: 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: Total gross sales for the period include the following: Credit card sales (discount 3%) Sales on…

A: Sales Revenue: Sales revenue is the amount earned by the company by selling the goods or providing…

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: 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: 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: Exercise 1: Sales tax On November 1, Sassy Boutique rings up cash sales of $6,000 for merchandise…

A: We shall answer the first question, since the exact one was not specified. Please resubmit a new…

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: What are the accounting entries required to record sales on credit of $10,000, on which sales tax is…

A: Lets understand the basics. Journal entry is required to make to record financial event and…

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: Zom Inc. makes a sale for $400. The company is required to collect sales taxes amounting to 9%, What…

A: Sales taxes payable account is a current liability for the company that has been collected by the…