Sales tax transactions Journalize the entries to record the following selected transactions:A. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $385,000.B. Paid $61,750 to the state sales tax department for taxes collected

Q: Karla Company provided the following information for the current year: Purchases Purchase returns…

A: A firm, at the end of the period, prepares financial statements in which income statement is…

Q: On July​ 5, Brenner Company recorded sales of merchandise inventory on​ account, $25,000. The sales…

A: Sales tax is levied on the merchandise sold. Sales tax is collected from the buyer and is paid to…

Q: A sale of merchandise on account for $15,750 is subject to a 7% sales tax. (a)  Should the sales tax…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

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

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

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

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

A: Sales tax on sale = $64,300*5% Sales tax on sale = $3,215

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

A: Sales tax is a form of taxation imposed on the sale of goods and services. The tax is imposed by 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: 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: 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: Recording sales tax Consider the following transactions of Sapphire Software: Journalize the…

A: Date Account Titles and Explanations Debit Credit Mar. 31 Cash $246,100…

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: Sales Tax A sale of merchandise on account for $17,400 is subject to a 7% sales tax. (a)  Should the…

A: Sales tax should be recorded at the time of sale.

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

A: Here in this question, we are required to calculate how much sales tax should be remitted. When…

Q: Nu Company reported the following pretax data for its FIRST year of operations:         Net Sales…

A: First-in-First-Out (FIFO): In this method, items purchased initially are sold first. So, the value…

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: Swisher Company sold inventory with a selling price of $5,000 to customers for cash.It also…

A: To record Sales Tax received from customer,  Debit cash account account Credit sales revenue account…

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: 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: 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: Alexis Company has total credit sales proceeds of $4,515 in the check-out till. If the proceeds…

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

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

A: Journal Entry:-Way of recording any transaction of a company with debit and credit side. It works on…

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: 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: 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: Sales sales revenue for a sporting good store amounted to $539,000 for the correct. All sales are on…

A: Journal entry: It is prepared to record the financial and non financial transaction of the business…

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

A: Solution: Sales revenue including sales tax = $256,800 Sales tax rate = 7%

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: 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: 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…

Q: On July 5, Williams Company recorded sales of merchandise inventory on account, $55,000. The sales…

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