ness On January 3, 2022, Crown Co. purchased goods on account for P2,240,000, VAT-inclusive. On January 23, 2022, Crown Co. sold goods to customers on account for 5,000,000, VAT-exclus On January 31, 2022, Crown Co. determine its VAT payable. On February 20, 2022, Crown Co. paid its VAT liability. Require: Prepare the journal entries for above transactions. Both the employee's and the employer's shares for contributions are required in the journal entries.

ness On January 3, 2022, Crown Co. purchased goods on account for P2,240,000, VAT-inclusive. On January 23, 2022, Crown Co. sold goods to customers on account for 5,000,000, VAT-exclus On January 31, 2022, Crown Co. determine its VAT payable. On February 20, 2022, Crown Co. paid its VAT liability. Require: Prepare the journal entries for above transactions. Both the employee's and the employer's shares for contributions are required in the journal entries.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 6EA: Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells...

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Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells another cellular phone for $500. Sales tax is computed at 3.5% of the total sale. Prepare journal entries for each sale, including sales tax, and the remittance of all sales tax to the tax board on October 23.
SUTA taxes on July 31, 20--. WORKERS COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries estimated that its total payroll for the coming year would be 385,000. The workers compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--. 2. Assume that Columbia Industries actual payroll for the year is 396,000. Calculate the total insurance premium owed and prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year.
Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,144, an amount that includes a 10% excise tax and a 6% state sales tax. a. What amount of revenue is recorded? b. Prepare a general journal entry to record the transaction on the books of Barnes Company. Round all answers to the nearest dollar. a. Amount of recorded revenue $ 0 b. Date Dec.31 Excise Tax Payable Sales Tax Payable General Journal Description 수 $ + To record sale on account subject to excise tax and sales tax. Debit 0 $ 0 0 0 Credit 0 0 0 0
Problem 12Rosalie Co. uses the gross method to record sales made on credit. On June 10, 2020, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2020, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2020. What amount will be reported in the statement of financial position for the accounts receivable due from Finley farms, Inc.? _________Problem 13On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted of the following: Trade accounts receivable 93,000 Allowance for uncollectible accounts (2,000) Claim against shipper for goods lost in transit (November 2020) 3,000 Selling price of unsold goods sent by Mann on consignment at 130% of cost (not included in Mann’s ending inventory) 26,000 Security deposit on lease of warehouse used for storing some inventories 30,000Total 150,000On December 31, 2020, the correct total of Mann’s current net receivables was _________.…
Problem 12 Rosalie Co. uses the gross method to record sales made on credit. On June 10, 2020, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2020, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2020. What amount will be reported in the statement of financial position for the accounts receivable due from Finley farms, Inc.? _________ Problem 13 On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted of the following: Trade accounts receivable 93,000 Allowance for uncollectible accounts (2,000) Claim against shipper for goods lost in transit (November 2020) 3,000 Selling price of unsold goods sent by Mann on consignment at 130% of cost (not included in Mann’s ending inventory) 26,000 Security deposit on lease of warehouse used for storing some inventories 30,000 Total 150,000 On December 31, 2020, the correct total of Mann’s current net receivables was…
E10-5A Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,010 an amount that includes an eleven percent excise tax and a four percent state sales tax. What amount of revenue is recorded? Prepare a general journal entry to record the transaction on the books of Barnes Company.
HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following chronological transactions and a. You sold merchandise on account for $250,000 on account. The products cost $110,000. Your company uses a perpetual inventory system. Your sales included a two-year warranty on the product. spent $1,400 to repair products in part "a." which were under warranty. b. You с. On December 31, 2021, you estimated that there would be an additional $8,000 of repairs on products in part "a." You estimated that $5.000 of the repairs would occur in 2022. In 2022, you performed $4,800 of repairs on products from part "a." and $1,920 of repairs on products sold in 2022. On December 31, 2022, you estimated that repairs on products sold in 2021 d. e. would be an additional $3,500 and for products sold in 2022 would be an additional $9,000. You believe that $5,400 of the $9,000 of repairs would occur in 2023. II. Based upon the transaction above, determine the amount of current…
Sales Tax A sale of merchandise on account for $17,400 is subject to a 7% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the amount credited to sales?$ (c) What is the amount debited to Accounts Receivable? If required, round your answers to the nearest cent.$ (d) What is the account to which the $1,218.00 is credited?
Excise and Sales Tax CalculationsClifford Company has just billed a customer for $1,100, an amount that includes a eight percent excise tax and a two percent state sales tax. a. What amount of revenue is recorded?b. Prepare a general journal entry to record the transaction on the books of Clifford Company.
Sales Transactions J. K. Bijan owns a retail business and made the following sales on account during the month of August 20--. There is a 6% sales tax on all sales. Aug. 1 Sale No. 213 to Jung Manufacturing Co., $1,310 plus sales tax. 3 Sale No. 214 to Hassad Co., $3,740 plus sales tax. * Sale No. 215 to Helsinki, Inc., $1,250 plus sales tax. (Open a new account for this customer. Address is 125 Fishers Dr., Noblesville, IN 47870-8867.) 11 Sale No. 216 to Ardis Myler, $1,150 plus sales tax. 18 Sale No. 217 to Hassad Co., $4,150 plus sales tax. 22 Sale No. 218 to Jung Manufacturing Co., $1,980 plus sales tax. 30 Sale No. 219 to Ardis Myler, $1,560 plus sales tax. Required: 1. Record the transactions starting on page 15 of a general journal. Enter the posting references when you complete part 2. GENERAL JOURNAL PAGE 15 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Aug. 1 Sale No. 213 Aug. 3 Sale No. 214 Aug. 7 Sale No. 215 Aug. 11
Sales tax transactions Instructions Instructions Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. Journal 1 Journalize the entries to record the selected transactions on December 31. Refer to the Chart of Accounts for exact wo 2 3 Chart of Accounts Journal A. Sold $61,900 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $37,430. B. Paid $40,280 to the state sales tax department for taxes collected. DATE DESCRIPTION JOURNAL POST. REF. DEBIT 1
HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following chronological transactions and a. You sold merchandise on account for $250,000 on account. The products cost $110,000. Your company uses a perpetual inventory system. Your sales included a two-year warranty on the product. You spent $1,400 to repair products in part "a." which were under warranty. On December 31, 2021, you estimated that there would be an additional $8,000 of b. с. repairs on products in part "a." You estimated that $5,000 of the repairs would оссur in 2022. In 2022, you performed $4,800 of repairs on products from part "a." and $1,920 of repairs on products sold in 2022. On December 31, 2022, you estimated that repairs on products sold in 2021 would be an additional $3,500 and for products sold in 2022 would be an additional $9,000. You believe that $5,400 of the $9,000 of repairs would occur d. е. in 2023. II. Based upon the transaction above, determine the amount of current…