Hallmark Cards, Inc. records sales and sales tax separately. On May 1, Jay’s Hallmark Shop in New York had sales on account of $2,540 and cash sales of $2,420. The state sales tax is 7%. The journal entry to record the sales. Account Name Debit Credit
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Hallmark Cards, Inc. records sales and sales tax separately. On May 1, Jay’s Hallmark Shop in New York had sales on account of $2,540 and cash sales of $2,420. The state sales tax is 7%. The
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- 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.Novak Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $11,232. All sales are subject to a 4% sales tax. Compute sales taxes payable Sales taxes payable $Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $64,400 of merchandise on account, subject to a sales tax of 4%. The cost of the goods sold was $38,240. B. Paid $38,220 to the state sales tax department for taxes collected.
- Greenspan Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $11,880. All sales are subject to a 8% sales tax.Compute sales taxes payable. Sales taxes payable $enter Sales taxes payable in dollars Make the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16On March 25, Osgood Company sold merchandise on account, $4,900, 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.Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $251,450 What is the amount of sales taxes (round to nearest dollar) for May? What is the amount of sales taxes payable (round to nearest dollar) to the state for the month of May?
- Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $754,350. The amount of sales taxes (to the nearest dollar) for May is: O $62,286. O $49,350. O $67,893. O $52,806.Coronado Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Coronado Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $ 744720.The amount of sales taxes (to the nearest dollar) for May is $ 48720. $ 67263. $ 61656. $ 52131.Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $251,450. The amount of sales taxes payable (to the nearest dollar) to the state for the month of May is S12,573. b. S16.121. S20,762, d. a. C. S17,250
- Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $256,800. 5. The amount of sales taxes (to the nearest dollar) for May is a. $10,762. b. $16,450. c. $12,631. d. $16,800.Tamarisk, Inc. Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $14,840. All sales are subject to a 6% sales tax.Compute sales taxes payable. Sales taxes payable $ enter a dollar amount Make the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16 enter an account title to record sales taxes payable and sales on March 16 enter a debit amount enter a credit amount enter an account title to record sales taxes payable and sales on March 16 enter a debit amount enter a credit amount enter an account title to record sales taxes payable and sales on March 16During 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