Salada Inc. sold merchandise for cash totaling $12,860 which includes 8.5% sales taxes. Journalize Salada Inc. transaction. (Record the transaction journal entr)
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Salada Inc. sold merchandise for cash totaling $12,860 which includes 8.5% sales taxes. Journalize Salada Inc. transaction. (Record the transaction journal entr)
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- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus sales tax of $1,100. What is the journal entry for American Steel to record this transaction? Debit Sales, $15,550; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100. Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales, $15,550. %24Salada Inc. sold merchandise for cash totaling $12,860 which includes 8.5% sales taxes. Journalize Salada Inc. transaction. (Record the transaction journal entry)
- Rosalie Co. uses the gross method to record sales made on credit. On June 10,2018, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2018, Rosalie received payment for % the amount due from Finley Farms. Rosalie's fiscal year end is on June 30,2018. What amount will be reported in the statement of financial position for the accounts receivable due from Finley Farms, Inc. ?On March 25, Osgood Company sold merchandise on account, $2,900, terms n/30. The applicable sales tax percentage is 5%. Required: Record the transaction. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Osgood Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customer Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534…Sampson Co. Sold merchandise to Batson Co., on account, $46,0000, terms 2/15, n/45. The cost of the merchandise sold is $38,500. Batson Co. paid the invoice within the discount period. Prepare the entries for Sampson Co. for a) the sale of the merchandise and, b) the receipt of payment from Batson.
- Determine the financial statement effects of Accounts Payable Transactions, when Hobson Company has the following items: Purchases $1,250 of inventory on credit. Sells inventory for $1,650 on credit. Records $1,260 cost of sales for transaction b. Receives $1,650 cash towards accounts receivable. Pays $1,260 cash to settle accounts payable.Abbey co. Sold merchandise to gomez co. On account, $46000, terms 2/15, net 45. The cost of merchandise sold is $20000. Abbey co. Issued a credit memo for $4700 for merchandise returned that originally cost $2800. Gomez co. Paid the invoice within the discount period. What is the amount of gross profit earned by abbey co on the above transactions?Record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510. b. Paid $436 to the state sales tax department for taxes collected. Required: Journalize the entries. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522…
- Abbey Co. sold merchandise to Gomez Co. on account, $42000, terms 2/15, net 45. The cost of the merchandise sold is $18000. Abbey Co. issued a credit memo for $4000 for merchandise returned that originally cost $2200. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? Add your answerDollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the sales amount to be recorded in the above transactions?Kiner Corp purchases $36,000 of merchandise from Schell Co. on account, terms 2/10, n/30. What is the entry to record the transaction on Kiner's books? Debit Inventory for $36,000; Credit Cash for $36,000 Debit Accounts Payable for $36,000; Credit Inventory for $36,000 Debit Inventory for $36,000; Credit Accounts Payable for $36,000 Debit Accounts Receivable for $36,000; Credit Sales for $36,000