During the month of September, the following transactions occurred. The applicable sales tax rate is 6%. Sept. 2 Sold merchandise on account to Sam Larson, $1,400, plus sales tax. 7 Sold merchandise on account to David Mitchell, $1,900, plus sales tax. 12 Issued credit memorandum to Sam Larson for $689, including sales tax of $39. 22 Sold merchandise on account to Matt Feustal, $500, plus sales tax. 28 Sold merchandise on account to Ana Cardona, $850, plus sales tax. Enter the transactions in the general journal. If an amount box does not require an entry, leave it blank. Page: 1

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

On March 25, Osgood Company sold merchandise on account, $4,100, terms n/30. The applicable sales tax percentage is 7%. Journalize this transaction. If an amount box does not require an entry, leave it blank. March 25

Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 4.5% service charge for sales on its credit card. Access deducts a 3.5% service charge for sales on its card. Mayfair completes the following transactions in June.  June   4   Sold $500 of merchandise on credit (that had cost $250) to Natara Morris.     5   Sold $6,800 of merchandise (that had cost $3,400) to customers who used their Zisa cards.     6   Sold $5,616 of merchandise (that had cost $2,808) to customers who used their Access cards.     8   Sold $4,890 of merchandise (that had cost $2,445) to customers who used their Access cards.     13   Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $395 balance in McKee’s account stemmed from a credit sale in October of last year.     18   Received Morris’s check in full payment for the purchase of June 4.  Required:Prepare journal…

The following transactions took place at Nickle's Sports Gear during the first week of October 20X1. DATE TRANSACTIONS Oct. 1 Issued Check 3850 for $3,600 to pay the monthly rent. 1 Issued Check 3851 for 2 Issued Check 3852 for $3,200 to Fisher Company, a creditor, on account. $13,100 to purchase new equipment. 2 Issued Check 3853 for $1,520 to remit sales tax to the state sales tax authority. 3 Issued Check 3854 for $1,960 to Sports Emporium, a creditor, on account for invoice of $2,000 less cash discount of $40. 4 Issued Check 3855 for $3,925 to purchase merchandise. 6 Issued Check 3856 for $4,906 as a cash withdrawal for personal use by Nickie Martin, the owner. Indicate how these transactions would be entered in a cash payments journal. Date CK. No. Description CASH PAYMENTS JOURNAL Accounts Payable Debit Other Accounts Debit Account Name Amount Purchases Discounts Credit Cash Credit

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.

On 1 August 20X5, Hans had an opening balance on the sales tax account as $6,360 credit. During the month, he makes sales gross of tax of $51,040 and purchases net of tax of $60,830. The sales tax rate is 10%. What is the balance on the sales tax account as at 1 September 20X5? A. $4,363 Dr    B. $5,381 Cr    C. $4,917 Cr     D. $4,827 Dr

Sales Tax Transactions Journalize the entries to record the following selected transactions. a.  Sold $5,100 of merchandise on account, subject to a sales tax of 7%. The cost of merchandise sold was $3,010. For a compound transaction, if an amount box does not require an entry, leave it blank.                                         b.  Paid $47,320 to the state sales tax department for taxes collected.

​Kathy's Corner Store has total cash sales for the month of​ $34,000 excluding sales taxes. If the sales tax rate is​ 5%, which journal entry is​ needed? (Ignore Cost of Goods​ Sold.)   A. debit Cash​ $35,700, credit Sales Revenue​ $35,700   B. debit Cash​ $32,300, debit Sales Tax Receivable for​ $1,700 and credit Sales Revenue for​ $34,000   C. debit Cash​ $34,000 and credit Sales Revenue​ $34,000   D. debit Cash​ $35,700, credit Sales Revenue​ $34,000 and credit Sales Tax Payable​ $1,700

Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is subject to a 7% state sales tax. The entry to journalize the sale would include a credit to Oa. Sales for $5,580 b. Sales Tax Payable for $420 c. Cash for $6,000 d. Sales for $6,420