For the month of November Parry Sound Sales Ltd. recorded $326,000 in sales, 45% of which were on account (terms n/30 and 55% of which were cash sales. The company is required to charge 6% PST and 5% GST on all sales. Required: Prepare one journal entry to record the company's sales for November. C

For the month of November Parry Sound Sales Ltd. recorded $326,000 in sales, 45% of which were on account (terms n/30 and 55% of which were cash sales. The company is required to charge 6% PST and 5% GST on all sales. Required: Prepare one journal entry to record the company's sales for November. C

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Draw ALL products of the following NH + H2O -->

A: Approach to solving the question: Detailed explanation: Examples: Key references:

Q: E12.10 (b)

A: Total issued and outstanding shares = 95000+25000+2000 = 122,000 shares Dividend declared on dec. 15…

Q: Which of the following orders allows for partial execution?

A: FOK (Fill or Kill Order): This type of order allows being executed immediately at the specified…

Q: a. Superscript O b. Regular Italic

A: Answer: Superscript is not a font style. Option (a) is correct answer. Regular, Bond and Italic is…

Q: E12.8

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

Q: Concord Corporation's charter authorized issuance of 96,000 shares of $10 par value common stock and…

A: The company issues either common shares or preferred shares. When the company issues these shares…

Q: Question 25

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: When are data in 3NF?

Q: 8. If money is worth (.06, m = 4), find the present value of a perpetuity $1000, paid semi-annually,…

A: Present value of perpetuity is the value of an asset whose cash flow is received forever.

Q: pls provide solution for 4,5,6

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: AS36

A: The core principle in IAS 36 is that an asset must not be carried in the financial statements at…

Q: is the right answer 7.38

A: Let 100 be the value of Ne Zealand dollar Value of US dollar = 140 Value after inflation in New…

Q: 1 . S u p p o s e y o u a r e c o m p a r i n g t w o f i r m s w i t h i n a n i n…

A: Since you have posted multiple questions, as per the guidelines only the first question will be…

Q: Question 8

A: When net credit sales is divided with average accounts receivable it results in receivable turnover…

Q: the difference between a W-4 form and W-2 form.

A: Form W-4: Employee’s withholding allowance certificate. This form is filled by employees for their…

Q: How to calculate PMT, P/Y and C/Y

A: As per the given information: The time value of money concept states that earlier receipts are more…

Q: How about the Question 3

A: The present value of growth opportunity is defined as the value of stock attributed to the earnings…

Q: Explanation 1031 like-kind exchange

Q: What would the entry be for the letter H.?

Q: QUESTION 4 Consider the Black-Scholes-Merton formula: c = SoN(d₁) - Ke-TN(d₂) p= Ke-TN(-d₂) -…

A: Black Scholes Merton's model represents a pricing model of financial instruments. It is primarily…

Q: Jane Evans receives payments of $900 at the beginning of each month from a earned by the fund is…

A: Pension fund provides the pension for retirement based on the fund available interest rate and time…

Q: Which of the following value is concerned with the way we approach the end states?

A: Option a

Q: x8=h 0817×1= h

A: y= 4x + 180 y= 8x To solve above equations to find the value of x and y

Q: 5151.5, should not the 0.5 go in and become 5152?

A: In the given case, when decimal is greater than or equal to 0.5, then it is rounded off to next…

Q: What is Operational Cycle?

A: The management of the corporation uses to identify the operational cycle to get a rough idea about…

Q: 3 Calculate WACC

A: Weighted average cost of capital (WACC) is used as a hurdle rate for evaluating capital investment…

Q: 1= 2(1+g) or D1 = 2? Why?

A: Companies pay dividend to shareholder out of net income but some of earnings are retained for the…

Q: Determine whether the correspondence is a function. Domain Range 21 17 18 15 Is this correspondence…

A: A function is a relation between the set of inputs to a set of outputs where each input has exactly…

Q: Final T&SC PP = $ ? where answer for this.?

A: Final taxes and charges and service fess is the cost of the taxes and charges which has been charged…

Q: 4. What is sensitivity analysis?

A: What Is Sensitivity Analysis?

Q: When I type in that calculation is comes out as "0" =PMT(B2/12,B3*12,-B1)

A: PMT function is a financial function of excel. It is used to compute the periodic payment amount.…

Q: it say 1.33 is incorrect

Q: Why is a policy statement important?

A: A policy statement or an investment policy statement is a document created by the investment…

Q: Please describe a scenario that is modeled by the following scenario: .0574 (12-18) 1+ 12 385 145130…

A: The scenario represented using the given computation is the future value of the annuity.

Q: Fischer, Inc.'s trial balance contains the following balances: Cash $371 Accounts Payable $268…

A: Introduction: Trial Balance: All the final ledger accounts balances are posted in Trial balance to…

Q: A $385,000 house is to be purchased for 25% down and monthly payments of $1200 for as long as…

A: PV is the current worth of cash flows that are expected to occur in the future.

Q: HOW TO COPY FORMULA FROM RANGE B8:B11 TO RANGE C8:H11?

A: To create and copy a formula using relative references: Select the cell that will contain the…

Q: Please answer G part with explanation

A: Workings: Market Capitalization=No. of shares outstanding×Price per share=542-14×$35.90=$18,955.20…

Q: what is 2 plus eight ?

A: The given sentence "2 plus eight" can be symbolically represented as 2+8. Thus, 2+8 is 10.

Q: M&M Proposition I and II using your own words.

A: M&M proposition means miller & Modigliani. It consists of 2 propositions. Proposition I…

Question

D1.

For the month of November Parry Sound Sales Ltd. recorded $326,000 in sales, 45% of which were on account (terms n/30)
and 55% of which were cash sales. The company is required to charge 6% PST and 5% GST on all sales.
Required:
Prepare one journal entry to record the company's sales for November.
Journal entry worksheet
<
1
Record the company sales.
Note: Enter debits before credits.
Month
November
Record entry
Show Transcribed Text
General Journal
Clear entry
c
Debit
Credit
View general journal
>

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:-

VIEW

Step 2: Explanations:-

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

ind a salutien co the Inear equation 14x-y=-14
I, J, K
R The cot of platioum to be purchaed to pport Augut protion is A SI9R00 B. S200,160 C S19S40 D. S391,680 E None of the anwers are comect
Data: So 101; X= 114; 1+r= 1.12. The two possibilities for sr are 143 and 85.
3) What are the functions of FASB, GASB and FASAB? Explain
Define Profi t and loss (P&L) statement
What is C, and wouldn't n=18?
Thebankbalanceinthecashbookandthatofthebankstatementmaydisgracebecauseofinformationalandtimingdifferences.Explain.
1. A-n-n-a- -M-a-r-i-e- -R-o-m--a-n- -r-e-c-e-n-t-l-y- -g-r-a-d-u-a-t-e-d- -f-r-o-m- -c-o-l-l-e-g-e- -a-n-d- -i-s- -e-v-a-l-u-a-t-i-n-g-- t-w-o- -c-r-e-d-i-t- -c-a-r-d-s-.- -C-a-r-d- -A- -h-a-s- -a-n-n-u-a-l- -f-e-e- -o-f P7,500 a-n-d- -a-n- -i-n-t-e-r-e-s-t- -r-a-t-e- -o-f 9%. C-a-r-d- -B- -h-a-s- -n-o- -a-n-n-u-a-l- -f-e-e- -a-n-d- -a-n- -i-n-t-e-r-e-s-t- -r-a-t-e- -o-f 16%. A-s-s-u-m-i-n-g- -t-h-a-t- -A-n-n-a- -M-a-r-i-e- -i-n-t-e-n-d-s- -t-o- -c-a-r-r-y- -n-o- -b-a-l-a-n-c-e- -a-n-d- -p-a-y- -o-f-f- -h-e-r- -c-h-a-r-g-e-s- -i-n- -f-u-l-l- -e-a-c-h- -m-o-n-t-h-,- -w-h-i-c-h- -c-a-r-d- -r-e-p-r-e-s-e-n-t-s- -t-h-e -b-e-t-t-e-r- -d-e-a-l-?- -I-f- -A-n-n-a- -M-a-r-i-e- e-x-p-e-c-t-e-d- -t-o- -c-a-r-r-y- -a- -s-i-g-n-i-f-i-c-a-n-t- -b-a-l-a-n-c-e- -f-r-o-m- -o-n-e- -m-o-n-t-h- -t-o- -t-h-e- -n-e-xt-,- -w-h-i-c-h- -c-ar-d- -w-o-u-l-d- -b-e- -b-e-t-t-e-r-?- -E-x-p-l-a-i-n- 2. -W-h-a-t- -i-s- -y-o-u-r- -o-p-i-n-i-o-n- -a-b-o-u-t- -u-s-i-n-g- -c-o-n-s-u-m-e-r-s- -l-o-a-n-s- -a-n-d-…
b. Discuss the effect on c and p, when there is an increase in: i. So ii. iii. O K
Calculate: (1+)" m m where m=132, and r=0.102
Any update on D,E,F