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 2PA
To determine
Prepare necessary
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Target Shoppers Inc. reported cash sales of $28,800 for the month of June. Sales taxes payable are recorded at the point of sale.
a. Assume that sales are subject to a 6% sales tax. Record the sales entry.b. Now assume that the cash collected on sales includes the 6% sales tax. Record the sales entry.
● Note: Round your answers to the nearest whole dollar.
Account Name
Dr.
Cr.
a.
To record the sale entry.
b.
To record the sale entry.
Consider the following transactions of Johnson Software:
Mar. 31
Apr. 6
Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the
explanation on the last line of the journal entry table.)
Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey.
Sent March sales tax to the state.
Mar. 31: Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. (Prepare a
single compound entry for this transaction.)
Accounts and Explanation
Date
Mar. 31
Debit
Credit
Lloyd Gurango Co. completed the following sales transactions during the month of June 2019.
All credit sales have terms of 3/10, n/30 and all invoices are dates as at the transaction date.
June 1
Sold merchandise on account to KRA Company, P32 000. Invoice number 377
Sold merchandise on account to LRM Trading, P54 000. Invoice number 378.
Sold P46 000 of merchandise for cash.
Received payment from KRA Company, less discounts.
Received payment from LRM Trading, less discounts.
Sold merchandise to JPT Store on account, P62 000. Invoice number 379.
6.
Borrowed P30 000 from the Unlad Bank issuing a 10% note payable due in 3
JPT Store returned P11 000 of merchandise from the June 13 sale.
Sold merchandise to NOV Convenience Store on account, P17 000. Invoice
months
number 380.
Collected amount due from JPT Store less returns and discounts.
16
Received P6 000 from NOV Convenience Store.
Sold goods on account to LPR Co, P34 000. Invoice number 381
347935
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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