Journalize the entries to record the following selected transactions:a. Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $37,500.b. Paid $39,650 to the state sales tax department for taxes collected.

Q: During the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost…

A: Gross Profit is defined as the profit which the company makes after subtracting the costs linked…

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: A company receives $396, of which $36 is for sales tax. The journal entry to record the sale would…

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

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: Like all retailers, Hollister is required to collect sales tax to be remitted to state and local…

A: Sales tax is levied on all retail transactions. Sales tax is collected by the merchant from the…

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: During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: Sales (including sales tax) amounted to $27,612.50, and purchases (excluding sales tax) amounted to…

A: We have the following information: Sales (including sales tax) amounted to $27,612.50 Purchases…

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: 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: During the current year, merchandise is sold for 86,000 cash and 93,950 on account. The cost of the…

A: Sale means when the goods are sold to an outsider . Cost means the amount which is paid by business…

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: 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: [The following information applies to the questions displayed below.] 1. On July 15, Piper Company…

A: The accounting equation can be defined as the equation that explains the relationship between the…

Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…

A: Revenue (Cash) = 366,100 Revenue (Credit) = 1,420,000 Total Revenue = Cash Revenue + Credit Revenue…

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: Record the following transactions for Brook’s Floor and Tile Supply in general journal form. July…

A: Entry 1:

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: During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost…

A: Profit in simple terms is the difference between revenues and cost. It is the gain acquired for…

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: 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: 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: The company "Z" displays in its accounting records the following costs for the goods purchased to…

A: IAS 2: Inventories: The costs of purchase of inventories comprise the purchase price, import duties…

Q: is sold for $173,900 cash and $467,700

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

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: 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: Stung, which is registered to account for sales tax, purchased furniture on credit at a cost of…

A: We have the following information:  purchased furniture on credit at a cost of $8,000  also…

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: 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: 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: 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