Sales Tax Grey's Furniture sold 50 couches to Shepherd Inc. for $980 each plus an additional state sales tax of 8%. Shepherd Inc. purchased on credit. Required: Provide the journal entry to record the sale. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Taxes Payable (State) Sales Revenue (Record sale) Feedback

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     CR

How do you make a general journal entry for these sales transactions?

Journalizing Sales Transactions Enter the following transactions in a sales journal. Use a 6% sales tax rate. May 1 Sold merchandise on account to J. Adams, $1,800, plus sales tax. Sale No. 488. 4 Sold merchandise on account to B. Clark, $1,800, plus sales tax. Sale No. 489. 8 Sold merchandise on account to A. Duck, $1,500, plus sales tax. Sale No. 490. 11 Sold merchandise on account to E. Hill, $1,950, plus sales tax. Sale No. 491.

Brian Burns uses perpetual inventory system and LIFO All credit sales discounts are recorded using the net method – customers receive a 3 percent discount if they pay within 30 days. Purchase discounts are recorded using the net method All depreciation is straight line.   Additional Information for Journal Entries   Brian Burns records accruals for utilities expense as an adjusting journal entry at the end of each year. They pay utilities once a year on January 31st for the prior year. NOTE: There is no payment for utilities on January 31st of 2022 because January 1 of 2022 is the first day of operations.     January 1          Sold 10,000 shares of common stock for $95 per share.                                                     Borrowed $2,000,000 at 8 percent with interest payable semi-annually (on July 1 and January 1).   Purchased 1,000 units of inventory at $150 a piece on credit from Biggie Smalls Inc. Terms are 2/10; n/60   Paid $480,000 for 2 years of rent in advance…

Ivanhoe Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $18,900. All sales are subject to a 5% sales tax.(a1) Compute sales taxes payable. Sales taxes payable     (a2) Give the journal entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  Date Account Titles and Explanation Debit Credit March 16

Brian Burns uses perpetual inventory system and LIFO All credit sales discounts are recorded using the net method – customers receive a 3 percent discount if they pay within 30 days. Purchase discounts are recorded using the net method All depreciation is straight line.   Additional Information for Journal Entries   Brian Burns records accruals for utilities expense as an adjusting journal entry at the end of each year. They pay utilities once a year on January 31st for the prior year. NOTE: There is no payment for utilities on January 31st of 2022 because January 1 of 2022 is the first day of operations.     January 1          Sold 10,000 shares of common stock for $95 per share.                                                     Borrowed $2,000,000 at 8 percent with interest payable semi-annually (on July 1 and January 1).   Purchased 1,000 units of inventory at $150 a piece on credit from Biggie Smalls Inc. Terms are 2/10; n/60   Paid $480,000 for 2 years of rent in advance…