A 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?

A store had receipts of $6045.50.  If the sales tax rate is 7%, how much merchandise did the store sell? The value of the merchandise sold (not including sales tax) is $ (blank)

The company purchased merchandise for ₱54,252 less 2 less 2 on terms 2/10, n/30.  How much should the company pay if the account was paid in full within the discount period?

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During the current year, merchandise is sold for $62,740 cash and for $85,360 on account. The cost of the merchandise sold is $96,270. What is the gross profit?

During the current year, merchandise is sold for $54,900 cash and for $80,900 on account. The cost of the goods sold is $88,270. What is the amount of the gross profit?

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…

Entity J sold merchandise to Entity X on account, P23,000, terms 3/15, net 45. The cost of the merchandise sold is P18,500. Entity J issued a credit memorandum for P2,500 for merchandise returned that originally cost P1,900. Entity X paid the invoice within the discount period. What is the amount of net sales from the above transaction? A. 20,090 B. 20,467 О с. 19,885 O D. 16,102