Sales Tax Transactions Journalize the entries to record the following selected transactions. a.  Sold $5,100 of merchandise on account, subject to a sales tax of 7%. The cost of merchandise sold was $3,010. For a compound transaction, if an amount box does not require an entry, leave it blank.                                         b.  Paid $47,320 to the state sales tax department for taxes collected.

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

A:

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

A:

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: 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: 1. Skysong, Inc. enters sales and sales taxes separately on its cash register. On April 10, the…

A: Journal Entry: Journal entry forms the basis of accounting. It refers to an entry that is made to…

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: 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: 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: 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: 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: A VAT taxpayer had the following sales and purchases during the month: Sales, inclusive of VAT Php…

A: Answer: 7 Regular Customers               Particulars Vat  Amount in Php    Sales Inclusive…

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: 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: 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.