Jason’s Doughnut Shop had cash sales for the day of $700. In addition, all sales are subject to an 8% sales tax. What journal entry should be made to record the day’s sales and sales taxes?
Q: [The following information applies to the questions displayed below.] Jaguar Plastics Company has…
A: Balance Sheet - Balance Sheet is a part of Financial Statement. It includes Assets, Liabilities and…
Q: Suppose that a firm has the option to make or buy a part. Its annual requirement is 11,000 units. A…
A: 4. Total cost for the buy option = 800+6*11000 =…
Q: You are an auditor of the company ABC. During the audit of the accounting statements it is found…
A: Introduction A person that has the ability to analyze financial information, verify their integrity,…
Q: The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory,…
A: Workings:- Schedule of Cost of goods manufactured(WN1) Particulars Amount($)…
Q: c company, adopted a stock option plan on November 30, Y4, designated 120,000 common shares as…
A: Journal - A diary is a thorough record of each transaction a business makes. Information entered in…
Q: [ ($27,200). During At the beginning of 2021, Mr. Adam Barker had a 2016 net capital loss carry…
A: Introduction The amount that remains with an enterprise after all expenditures have been paid is…
Q: Elaines inflatables earn service revenue by providing party, planning services and inflatable place…
A: a. Increase Assets (Cash); Increase Equity (Gibson Capital) b. Increase Assets (Equipment);…
Q: Required information [The following information applies to the questions displayed below.] Camille…
A: Taxable income refers to the income on which tax is to be paid by an individual or corporation to…
Q: Current Attempt in Progress Nash Inc. recently hired a new accountant with extensive experience in…
A: Working : If shares are issued for value in excess of par, then the excess should be credited to…
Q: On 30 June 20X0, Cook's cash book showed that he had an overdraft of $300 on his current account at…
A: Bank reconciliation is the statement which is prepared by the entity for the purpose of determining…
Q: 5. A. Montgomery, E. Fields and H. Marin were partners and showled the following account balances as…
A: Liquidation Liquidation is the scenario where a company has become insolvent or bankrupt. The…
Q: Nico Manufacturing Company applies process costing in the manufacture of its best-seller product,…
A: Process costing is specifically applicable for the manufacturing entities where a final product is…
Q: a. Compute return on assets at year-end for 2007, 2009, 2012, 2014, and 2016. (Use $28,000 in the…
A: Given in the question: Asset Balance as on January 2007 Total Assets $5,56,000…
Q: Lamar Corporation purchased land for $160,000. Later in the year, the company sold land with a book…
A: Cash flow statement is the financial statement that records all the cash inflow and cash outflow…
Q: Net income was $506,000 in 2020, $471,500 in 2021, and $539,000 in 2022. What is the percentage of…
A: If we evaluate the financial analysis of the financial performance then we have to use the following…
Q: Required: Assume that the average quality, measured by the percentage of late deliveries, and prices…
A: 1 Effective Cost per Carton Bacon 214.4 Hessel 211.2 2 Indefferent point 27.50%
Q: At the time of Mateo's death, he was involved in the transactions described below: Mateo was a…
A: Gross estate refers to all of the assets used to calculate whether an estate is subject to federal…
Q: Yancey Productions is a film studio that uses a job-order costing system. The company's direct…
A: Total job cost is the combination of direct material cost, direct labor cost and overhead cost. The…
Q: I need the right numbers for the square in red
A: The solution has been provided for only the journal entries for which the solution has been sought.…
Q: n connection with the application of the kiddie tax, comment on the following: The child has…
A: 1. In this case, as the child possesses only the earned income, the Kiddies Tax will not be…
Q: Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The…
A: Shares outstanding represents the number of shares that have been issued to the shareholders of the…
Q: What is the yield on a corporate bond with a $1000 face value purchased at a discount price of $875,…
A: Yield is the percentage representation that shows interest earned by the company n the total…
Q: Jasper Company provided the following information for last year: Costs Sales in units Selling price…
A: 1. Income Statement of Jasper for the last year Sales (285,000 units * $17) 4,845,000.00…
Q: Byron Truck Repair uses a specialized hydraulic lift to work on trucks and busses. Data on the lift…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Bergo Bay's accounting system generated the following account balances on December 31. The company's…
A: Account balance refers to the statement which is prepared by the companies as it shoes the aggregate…
Q: On January 1, Elias Corporation issued 10% bonds with a face value of $100,000. The bonds are sold…
A: Generally Companies raise funds through issue of Bonds, upon which it has to bear fixed interest…
Q: For the purpose of borrowing $100,000 (10-year loan with 12% interest annually), Shannon…
A: Debt equity ratio indicates the proportion of shareholder funds and debts which is used in company's…
Q: Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31,…
A: A bank reconciliation is a process of matching the data on a bank statement with the balances listed…
Q: 4 How much should you invest today at A% to accumulate $X in Y years? $930,000 31 years 12% X= Y= A=…
A: As per the guidelines, the solution to the first question is given below. For obtaining an answer to…
Q: Evaluating data reliability is a critical part of the audit process. Explain the differences among…
A: Reliability of data in an audit environment refers to the extent to which the data are usable for…
Q: Electricity paid during the year is $14,000.There was an opening accrual b/F of $500. A bill for the…
A: The electricity expense is considered as an expense and reported as an expense in the income…
Q: Assume that Corn Co. sold 7,300 units of Product A and 2,700 units of Product B during the past…
A: The computation of the break even point in units is shown below: Break even point in units is =…
Q: How does using the accounting support fee to fund the FASB create more independence than using…
A: Answer:- FASB:- To establish and advance Generally Accepted Accounting Principles in the U.S. in the…
Q: [The following information applies to the questions displayed below.] On December 31, Hawkin's…
A: The balance sheet reports the final balances of all the assets and liabilities of the business. The…
Q: SLR Corporation has 3,000 units of each of its two products in its year-end inventory. Per unit data…
A: Inventory is an asset for the company. As the company invests money to purchase stock. The company…
Q: Question: A company has a gross income of $2,500,000 and has $500,000 of business expenses. The…
A: Each and every company has to pay the taxes on income earnings but there are some deductions…
Q: .Quick ratio is ____________ times. k.Inventory turnover is ________ times. l.Average collection…
A: Quick Ratio : - This is more liquid as compared to current ratio, it is also called acid test Ratio…
Q: On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 59…
A: Trade discount is given at the time of selling goods and cash discount is given at the time of…
Q: Douglass Minerals mines ore and then processes it into other products. At the end of the mining…
A: Joint Cost is the cost which incurred in before the split off point and there are methods for…
Q: What are some common current liabilities
A: DISCLAIMER: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: make decisions about activities such as investing in research and development (R&D) and entering or…
A: Top managers are primarily responsible for making strategic decisions about the direction of the…
Q: a. The net realizable value of Metal-C for the period ended December 31. b. The Joint costs for the…
A: Since you have posted a question with multiple sub-parts, we will provide the solution only to the…
Q: Lightfoot Inc., a software development firm, has stock outstanding as follows: 20,000 shares of…
A: DIVIDEND DISTRIBUTION A dividend is a distribution of profits by a corporation to its…
Q: Bally Manufacturing sent Intel Corporation an invoice for machinery with a $15,400 list price. Bally…
A: Trade discount is given at the time of selling goods on list price. Cash discount is given at the…
Q: 13. On June 1, Cline Co. paid $800,000 cash for all of the issued and outstanding common stock of…
A: An intangible asset associated to the acquisition of a company by another is goodwill. When the…
Q: USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (3) QUESTIONS: The records of a company show the…
A: RETAINED EARNINGS Retained Earning is the amount of Accumulated Profit over the Period left after…
Q: 2. Adam's Awesome Pawnshop will lend up to 42% of the value of a borrower's collateral. Andy wants…
A: Considering the expression as: Adam's Pawnshop lends upto 42% of the value of the collateral of…
Q: In December 2020 Sally purchased an annuity that pays her $1,000 per month for 16 years. She paid…
A: Given in the question: Annuity purchased for = $150,000 During the year 2021, Sally has received the…
Q: On the bottom of part 1, the interest expense, premium amortization, and book value of bond are…
A: Part 1: Workings:
Q: The following information is for Sheridan Inc. for the year 2022: Manufacturing costs $3,007,000…
A: Manufacturing cost= $3007000 Number of gloves manufactured= 310000 pairs Manufacturing cost per…
Jason’s Doughnut Shop had cash sales for the day of $700. In addition, all sales are subject
to an 8% sales tax. What
taxes? Show your calculations.
Step by step
Solved in 3 steps
- Target Shoppers Inc. reported cash sales of $28,800 for the month of June. Sales taxes payable are recorded at the point of sale. a. Assume that sales are subject to a 6% sales tax. Record the sales entry.b. Now assume that the cash collected on sales includes the 6% sales tax. Record the sales entry. ● Note: Round your answers to the nearest whole dollar. Account Name Dr. Cr. a. To record the sale entry. b. To record the sale entry.Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule the journal. If an amount box does not require an entry, leave it blank. Oct. 1 Jim White made a $600 payment on account. 8 Cash sales for the week, $3,000, plus sales tax. 10 Kristin Ludwin made a $600 payment on account. 15 Melissa Perez made a $3,570 payment on account. 17 Cash sales for the week, $2,600, plus sales tax. 25 Sue Lee paid $860 on account. 30 Matt Chang paid $934 on account. CASH RECEIPTS JOURNAL Page 1 Accounts Sales Tax Account General Receivable Payable Date Credited Post. Ref. Credit Credic Sales Credit Credit Cash Debit Oct. 1 Jim White 8 Cash sales 10 Kristin Ludwin 15 Melissa Perez 17 Cash sales 25 Sue Lee 30 Matt ChangEnter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule the journal. If an amount box does not require an entry, leave it blank Feb. 2 John Door made an $890 payment on account. 7 Cash sales for the week, $2,140, plus sales tax. 11 Tom Chovin made a $600 payment on account. 14 Grace Borsetti made a $1,540 payment on account. 18 Cash sales for the week, $2,300, plus sales tax. 24 Peter Chan paid $540 on account. 28 Jean Amore paid $350 on account. CASH RECEIPTS JOURNAL Page 1 Accounts Sales Tax General Receivable Sales Payable Cash Account Credited Post. Ref. Credit Credit Credit Credit Debit Date Feb. 2 John Door 7 Cash sales 11 Tom Chovin 14 Grace Borsetti 18 Cash sales 24 Peter Chan 28 Jean Amore
- Prepare journal entries for each of the following sales transactions by Elegant Electronics, including a 3.5% sales tax, and the remittance of all sales tax to the tax board on October 23. Accounts Payable Merchandise Inventory Sales Discount Cash Sales Sale Tax Payable PLEASE NOTE: You must follow the format in the textbook and enter the account names exactly as written above and all dollar amounts will be rounded to two decimal places with "$" and commas as needed (i.e. $12,345.67). Elegant Electronics sells a cellular phone on September 2 for $450: DR DR or CR? CR On September 6, Elegant sells another cellular phone for $500: DR DR or CR? CR The remittance of all sales tax to the tax board on October 23: DR CRAmerican Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: 1.If cash is borrowed on a $70,000, 9-month, 10% note on July 1, how much interest expense would be incurred by December 31? 2.The cash register total including sales taxes is $42,000, and the sales tax rate is 5%. What is the sales taxes payable? 3.If $60,000 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31?
- On May 1, the balance on your credit card is $573.26. On May 6, you make a purchase for $102.55. On May 9, you make a payment of $300. On May 17, you make a purchase for $22.16, and on May 28, you make a purchase for $41.78. Assume the billing date is the 1st of the month and the monthly finance charge is 2%. What is the average daily balance? $ What is the monthly finance charge? $ What is the balance at the start of the next month? $On November 1, the balance on your credit card is $533.76. On November 6, you make a purchase for $49.30. On November 8, you make a payment of $155. On November 12, you make a purchase for $76.51, and on November 25, you make a purchase for $32.64. Assume the billing date is the 1st of the month and the monthly finance charge is 1.7%. What is the average daily balance? $ What is the monthly finance charge? $ What is the balance at the start of the next month? $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
- nter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule the journal. If an amount box does not require an entry, leave it blank. ct. 1 Jim White made a $600 payment on account. 8 Cash sales for the week, $3,000, plus sales tax. 10 Kristin Ludwin made a $600 payment on account. 15 Melissa Perez made a $3,570 payment on account. 17 Cash sales for the week, $2,600, plus sales tax. 25 Sue Lee paid $860 on account. 30 Matt Chang paid $934 on account. CASH RECEIPTS JOURNAL Page 1 Accounts Sales Tax Account General Receivable Payable Date Credited Post. Ref. Credit Credit Sales Credit Credit Cash Debit Oct. 1 Jim White 8 Cash sales 10 Kristin Ludwin 15 Melissa Perez 17 Cash sales 25 Sue Lee 30 Matt ChangDuring December, Far West Services makes a $5,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. (Note: the sales tax amount is in addition to the credit sale amount.) Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the sale including the sales tax. Note: Enter debits before credits. Transaction General Journal Debit Credit 1During December, Far West Services makes a $3,600 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. (Note: the sales tax amount is in addition to the credit sale amount.) Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)