GEN COMBO COLLEGE ACCOUNTING; CONNECT ACCESS CARD
4th Edition
ISBN: 9781260087376
Author: M. David Haddock Jr. Professor
Publisher: McGraw-Hill Education
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Chapter 7, Problem 1.6SRA
To determine
Prepare the
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Students have asked these similar questions
Hall Inc. made a $30,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale?
A company receives $696, of which $56 is for sales tax. The journal entry to record the sale would
include a
Select one:
a. debit to Sales Tax Expense for $56.
b. debit to Sales Taxes Payable for $56.
C. debit to Sales Revenue for $696.
d. debit to Cash for $696.
Excise and sales tax calculations.
A. What amount of revenue is recorded?
B. Prepare a general journal entry to record the transaction on the books of Clifford company.
Round all answers to the nearest dollar.
The options for the description dropbox are: accounts receivable, excise tax payable, sales tax payable, sales.
Chapter 7 Solutions
GEN COMBO COLLEGE ACCOUNTING; CONNECT ACCESS CARD
Ch. 7 - What is the name of the account used to record...Ch. 7 - What is a sales return? What is a sales allowance?Ch. 7 - Prob. 1.3SRQCh. 7 - Prob. 1.4SRECh. 7 - Prob. 1.5SRECh. 7 - Prob. 1.6SRACh. 7 - Prob. 2.1SRQCh. 7 - Prob. 2.2SRQCh. 7 - Prob. 2.3SRQCh. 7 - Prob. 2.4SRQ
Ch. 7 - Prob. 2.5SRECh. 7 - Prob. 2.6SRECh. 7 - Prob. 2.7SRACh. 7 - Prob. 1CSRCh. 7 - Prob. 2CSRCh. 7 - Prob. 3CSRCh. 7 - Prob. 4CSRCh. 7 - Prob. 5CSRCh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQCh. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 7 - Prob. 14DQCh. 7 - Prob. 15DQCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Record the following transactions of Fashion Park...Ch. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 6PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - INSTRUCTIONS 1. Open the general ledger accounts...Ch. 7 - The Urban Florist is a wholesale shop that sells...Ch. 7 - Prob. 5PBCh. 7 - Prob. 6PBCh. 7 - Prob. 1CTPCh. 7 - Tony Zendejas is the owner of Housewares Galore, a...Ch. 7 - Prob. 1MFCh. 7 - Prob. 2MFCh. 7 - Prob. 3MFCh. 7 - Prob. 4MFCh. 7 - Prob. 5MFCh. 7 - Prob. 6MFCh. 7 - Prob. 7MFCh. 7 - Why should management insist that all sales on...Ch. 7 - Prob. 1ED
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Similar questions
- A company receives $696, of which $56 is for sales tax. The journal entry to record the sale would include a Select one: a. debit to Cash for $996. b. debit to Sales Taxes Payable for $56. c. debit to Sales Tax Expense for $56. d. The answer does not exist e. debit to Sales Revenue for $696.arrow_forwardJournalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $64,400 of merchandise on account, subject to a sales tax of 4%. The cost of the goods sold was $38,240. B. Paid $38,220 to the state sales tax department for taxes collected.arrow_forwardFlounder Corporation made credit sales of $30,600 which are subject to 5% sales tax. The corporation also made cash sales which totaled $19,635 including the 5% sales tax. (a) Prepare the entry to record Flounder's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Creditarrow_forward
- Cheyenne Corporation made credit sales of $30,600 which are subject to 7% sales tax. The corporation also made cash sales which totaled $10,593 including the 7% sales tax. (a) Prepare the entry to record Cheyenne's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Accounts Payable Cash Debit Creditarrow_forwardA company sold goods worth $10,000 to a customer on credit. The terms of the credit are 3/15, net 45. The customer paid within the discount period. Calculate the amount received from the customer, the discount allowed, and the journal entry to record the transaction.arrow_forwardanhoe Corporation made credit sales of $18,600 which are subject to 7% sales tax. The corporation also made cash sales which taled $24,503 including the 7% sales tax. ) Prepare the entry to record Ivanhoe's credit sales. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before Credit entries.) Account Titles and Explanation Accounts Receivable Debit 18600 Creditarrow_forward
- On July 5, Feather Company recorded sales of merchandise inventory on account, $20,000. The sales were subject to sales tax of 9%. On August 15, Feather Company paid $1,200 of sales tax to the state. Requirements 1. Joumalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Jul. 5 Accounts Receivable Sales Revenue Sales Tax Payable To record sales revenue on account and the related sales tax. Requirement 2. Journalize the transaction to record the payment of saltax to the state. Date Aug. 15 Accounts and Explanation Debit Credit 21,800 20,000 1,800 Debit Creditarrow_forwardLuna Company accepted credit cards in payment for $7,100 of services performed during July Year 1. The credit card company charged Luna a 1.50 percent service fee; it paid Luna as soon as it received the invoices. Required a. Prepare the general journal entry to record the service revenue. b. Prepare the general journal entry for the collection of the receivable from the credit card company. c. Based on this information alone, what is the amount of net income earned during the month of July? Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the general journal entry to record the service revenue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet < A Record service revenue on credit card payment and credit card expenses. Note: Enter debits before credits. Transaction 1 General…arrow_forwardA sale of merchandise on account for $36,000 is subject to an 8% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the amount recorded as sales? (c) What is the amount debited to Accounts Receivable? (d) What is the title of the account to which the $2,880 ($36,000 × 8%) is credited?arrow_forward
- Ayayai Corporation made credit sales of $27,000 which are subject to 5% sales tax. The corporation also made cash sales which totaled $23,940 including the 5% sales tax. Prepare the entry to record Ayayai's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Accounts Receivable Sales Revenue Sales Taxes Payable List of Accounts Debit 28350 Credit 27000 1350arrow_forwardOn March 25, Osgood Company sold merchandise on account, $2,900, terms n/30. The applicable sales tax percentage is 8%. Record the transaction. If an amount box does not require an entry, leave it blank.arrow_forwardAbbey Co. sold merchandise to Gomez Co. on account, $35,000, subject to a sales tax of 5%. The cost of the merchandise sold is $24,500. When recording the general journal entry, how much should be credited to the liability account called sales tax payable?arrow_forward
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