Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 7, Problem 18Q
We record a sale on account that involves sales tax in which journal?
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Students have asked these similar questions
We record a sale on account that involves sales tax in which journal?
cash disbursement journal
sales journal
cash receipts journal
purchase journal
Which of the following would be included in the journal entry to record the payment of accrued sales tax? Select one:
O a. A credit to Sales tax expense
O b. A debit to Sales tax expense
O c. A credit to Sales tax payable
O d. A debit to Sales tax payable
When granting a sales allowance, is there a return of merchandise inventory from the customer? Describe the journal entry(ies) that would be recorded.
Chapter 7 Solutions
Principles of Accounting Volume 1
Ch. 7 - So far, computer systems cannot yet ________. A....Ch. 7 - Any device used to provide the results of...Ch. 7 - Source documents ________. A. are input devices B....Ch. 7 - All of the following can provide source data...Ch. 7 - A document that asks you to return an identifying...Ch. 7 - Which of the following is false about accounting...Ch. 7 - An unhappy customer just returned $50 of the items...Ch. 7 - A customer just charged $150 of merchandise on the...Ch. 7 - A customer just charged $150 of merchandise using...Ch. 7 - The company just took a physical count of...
Ch. 7 - Your company paid rent of $1,000 for the month...Ch. 7 - On January 1, Incredible Infants sold goods to...Ch. 7 - Received a check for $72 from a customer, Mr....Ch. 7 - You returned damaged goods you had previously...Ch. 7 - Sold goods for $650 cash. Which journal would the...Ch. 7 - Sandren Co. purchased inventory on credit from...Ch. 7 - Sold goods for $650, credit terms net 30 days....Ch. 7 - You returned damaged goods to C.C. Rogers Inc. and...Ch. 7 - The sum of all the accounts in the accounts...Ch. 7 - AB Inc. purchased inventory on account from YZ...Ch. 7 - You just posted a debit to ABC Co. in the accounts...Ch. 7 - You just posted a credit to Stars Inc. in the...Ch. 7 - You just posted a debit to Cash in the general...Ch. 7 - You just posted a credit to Accounts Receivable....Ch. 7 - You just posted a credit to Sales and a debit to...Ch. 7 - An enterprise resource planning (ERP) system...Ch. 7 - Which of the following is not a way to prevent...Ch. 7 - Big data is mined ________. A. to find business...Ch. 7 - Artificial intelligence refers to ________. A....Ch. 7 - Blockchain is a technology that ________. A. is in...Ch. 7 - Which of the following is not true about...Ch. 7 - Why does a student need to understand how to use a...Ch. 7 - Provide an example of how paper-based accounting...Ch. 7 - Why are scanners better than keyboards?Ch. 7 - Why are there so many different accounting...Ch. 7 - Which area of accounting needs a computerized...Ch. 7 - The American Institute of Certified Public...Ch. 7 - Which special journals also require an entry to a...Ch. 7 - What is a schedule of accounts receivable?Ch. 7 - How often do we post the cash column in the cash...Ch. 7 - The schedule of accounts payable should equal...Ch. 7 - Which amounts do we post daily and which do we...Ch. 7 - Why are special journals used?Ch. 7 - Name the four main special journals.Ch. 7 - A journal entry that requires a debit to Accounts...Ch. 7 - The purchase of equipment for cash would be...Ch. 7 - Can a sales journal be used to record sales on...Ch. 7 - When should entries from the sales journal be...Ch. 7 - We record a sale on account that involves sales...Ch. 7 - We record purchases of inventory for cash in which...Ch. 7 - Should the purchases journal have a column that is...Ch. 7 - Forensic means suitable for use in a court of law....Ch. 7 - For each of the following, indicate if the...Ch. 7 - All of the following information pertains to...Ch. 7 - Match the special journal you would use to record...Ch. 7 - For each of the transactions, state which special...Ch. 7 - Catherines Cookies has a beginning balance in the...Ch. 7 - Record the following transactions in the sales...Ch. 7 - Record the following transactions in the cash...Ch. 7 - Maddie Inc. has the following transactions for its...Ch. 7 - For each of the following, indicate if the...Ch. 7 - The following information pertains to Crossroads...Ch. 7 - Match the special journal you would use to record...Ch. 7 - For each of the following transactions, state...Ch. 7 - Catherines Cookies has a beginning balance in the...Ch. 7 - Record the following transactions in the purchases...Ch. 7 - Record the following transactions in the cash...Ch. 7 - Piedmont Inc. has the following transactions for...Ch. 7 - On June 30, Oscar Inc.s bookkeeper is preparing to...Ch. 7 - Evie Inc. has the following transactions during...Ch. 7 - Use the journals and ledgers that follow. Total...Ch. 7 - Brown Inc. records purchases in a purchases...Ch. 7 - On June 30, Isner Inc.s bookkeeper is preparing to...Ch. 7 - Use the journals and ledgers that follows. Total...Ch. 7 - Why must the Accounts Receivable account in the...Ch. 7 - Why would a company use a subsidiary ledger for...Ch. 7 - If a customer owed your company $100 on the first...
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Similar questions
- Under the perpetual inventory system, how does the seller record sales made on account?arrow_forwardWhich of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods soldarrow_forwardFor each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. d Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. Purchasesarrow_forward
- Which of the following accounts are used when recording a purchase? A. cash, merchandise inventory B. accounts payable, merchandise inventory C. A or B D. cash, accounts payablearrow_forwardWhat accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts receivable, merchandise inventory B. accounts payable, merchandise inventory C. accounts payable, cash D. sales, accounts receivablearrow_forwardWhat is the normal balance for each of the following accounts: (a) Purchases? (b) Sales Discounts? (c) Purchases Returns and Allowances? (d) Sales? (e) Purchases Discounts? (f) Sales Returns and Allowances?arrow_forward
- Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payablearrow_forwardUnder the retail inventory method, freight-in would be included in the calculation of the goods available for sale for which of the following?arrow_forwardIf a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenuearrow_forward
- Which of the following accounts is credited by the seller when tax is collected on retail sales? A. Payroll Tax B. Unearned Revenue C. Accounts Payable D. Sales Tax Payablearrow_forwardBriefly explain the accounting treatment for sales returns and allowances. Where are these accounts reported in the income statement?arrow_forward
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