Cantrell co. is required by law to collect and remit sale taxes to the state. if Cantrell has 3,500 of cash sales that are subject to an 10% sales tax, what is the journal entry to record the cash sales ?

on july , family company recorded merchandise inventory  on account , $50,000. the sales were subject to sales tax on 5% on august 15 family company paid the sales tax owed to the state from the july 5 transaction . requirements:- (A) journalize the transaction to record the sale on july 5. ignore the cost of goods sold. (B) journalize the transaction to record the sales tax to state on august 15.

Questio Venus Corp. sold goods, with a selling price of $16,221, for cash. The state sales tax rate is 8%. What amount is credited to the Sales Revenue account? (Round calculations to the nearest dollar.) O $15,843 O $1378 O $17,221 O $16,221 Question 1 of 41>>

Monty Company does not segregate sales and sales taxes on its cash register. Its register total for the month is $1,543,300, which includes a 10% sales tax.Compute sales taxes payable, and make the entry to record sales and sales taxes payable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Sales taxes payable   $enter the amount of sales taxes payable in dollars

Answer each question independently. Read the requirements. Requirement 1. A restaurant made cash sales of $4,000 subject to a 5% sales tax. Record the sales and the related sales tax. (Ignore cost of goods sold.) Also record the payment of the tax to the state. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by preparing a compound journal entry to record the sales and the related sales tax. Date Accounts and Explanations Debit Credit

Labrador Inc. sold 350 oil drums to Tesla Manufacturing for $75 each. In addition to the $75 sale price per drum, there is a $1 per drum federal tax and a 7% provincial sales tax. What journal entry should be made to record this sale? a. Debit Accounts Receivable 28,438; credit Sales Revenue 28,438. b. Debit Accounts Receivable 26,250; credit Sales Revenue 26,250. c. Debit Accounts Receivable 28,438; credit Federal Sales Taxes Payable 350; credit Provincial Sales Taxes Payable 1,838; credit Sales Revenue 26,250. d. Debit Accounts Receivable 26,250; debit Taxes Expense 2,188; credit Federal Sales Taxes Payable 350; credit Provincial Sales Taxes Payable 1,838; credit Sales Revenue 26,250.

In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. Crane Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $23,000 and sales taxes $1,150. 1. 2. Sunland Company does not segregate sales and sales taxes. Its register total for Alpril 15 is $11,340, which includes a 8% sales tax.

Carlton Company does not ring up sales taxes separately on the cash register. Total receipts for February amounted to $126,000. If the sales tax rate is 5%, what amount must be remitted to the state for February's sales taxes?

Required information [The following Information applies to the questions displayed below.] The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 1. Cash sales for November Year 1 were $65,500 plus sales tax of 7 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December Year 1 were $82,500 plus sales tax of 7 percent. e. On which financial statement will the sales tax liability appear? The liability is shown on the

In performing accounting services for small businesses, you encounter these situations pertaining to cash sales. 1. Oriole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $53,000 and sales taxes $2,650. Sheffield Company does not segregate sales and sales taxes. Its register total for April 15 is $24,300, which includes a 89% sales tax. 2. Prepare the entries to record the sales transactions and related taxes for each client. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit ORIOLE COMPANY SHEFFIELD COMPANY >