What is the totals credits and total debits?Also answer the following questions:Answer the following questions using the area provided.1) Describe the type of transaction that is recorded in the Sales journal. What is happening and who is involved?2) When merchandise is sold on account what account is debited? What type of account is this and what does it reflect3) Why is Sales Tax Payable considered a liability to the business?4) Why would the business want to record the customer name in the sales journal Account Debited column? A BCFJKSALES JOURNALPAGE34ACCOUNTSSALES TAXSALEPOST.RECEIVABLESALESPAYABLE6.DATEACCOUNT DEBITEDNÓ.REF.DEBITCREDITCREDIT81| January4 Miller Imports16899.00833.8265.18 19January8 BGI Interiors171,095.001,015.6179.39109 Nellie group1,615.001,497.91318117.09311410 Carefree Designs19683.00633.4849.52 41211 Northside Hospital202,418.002,418.001314715881699.1710101819Jan 4 - Sold merchandise on account to Miller Imports, $899.00. Prepared sales invoice #16.20Jan 8- Sold merchandise on account to BGI Interiors, $1,095.00. Prepared sales invoice #17.21Jan 9-Sold merchandise on account to The Nelle Group, $1,615.00. Prepared sales invoice #18.22Jan 10- Sold merchandise on account to Carefree Designs, $683.00. Prepared sale invoice #19.23Jan 11 - Sold merchandise on account to Northside Hospital, $2,418.00. Customer is exempt from sales tax. Prepared sales inv2425Do not ignore questions on second worksheet!2627田-/-lil

Total credits= sales credit+ sales tax payable credit =6398.82+311.18 =6710 Total debit=Account…

What is the totals credits and total debits? Also answer the following questions: Answer the following questions using the area provided. 1) Describe the type of transaction that is recorded in the Sales journal. What is happening and who is involved? 2) When merchandise is sold on account what account is debited? What type of account is this and what does it reflect 3) Why is Sales Tax Payable considered a liability to the business? 4) Why would the business want to record the customer name in the sales journal Account Debited column?

What is the totals credits and total debits? Also answer the following questions: Answer the following questions using the area provided. 1) Describe the type of transaction that is recorded in the Sales journal. What is happening and who is involved? 2) When merchandise is sold on account what account is debited? What type of account is this and what does it reflect 3) Why is Sales Tax Payable considered a liability to the business? 4) Why would the business want to record the customer name in the sales journal Account Debited column?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 33P

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*see attached What amount of income tax payable should be reported?a. P 385,000b. P 498,000c. P 425,000d. P 305,000
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Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
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