Show the entry to be made by Cooley Grocery Store for the March 25 cash register reading showing sales of $10,000 and sales taxes of $600. Mar. 25 Cash Analyze, Journalize and Report Current Liabilities 10,600 Sales Revenue Sales Taxes Payable (To record daily sales and sales taxes) When the taxes are remitted to the state taxing agency the Sales Taxes Payable account is decreased (debited) and Cash is decreased (credited). Describe unearned entry when the prepayment is received (before revenue is earned) Describe entry when the revenue is earned) 10,000 600
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- Bell Florists sells flowers on a retail basis. Most of the sales are for cash; however, a few steady customers have credit accounts. Bells sales staff fills out a sales slip for each sale. There is a state retail sales tax of 5 percent, which is collected by the retailer and submitted to the state. The balances of the accounts as of March 1 have been recorded in the general ledger in your Working Papers or in CengageNow. The following represent Bell Florists charge sales for March: Mar. 4Sold potted plant on account to C. Morales, sales slip no. 242, 27, plus sales tax of 1.35, total 28.35. 6Sold floral arrangement on account to R. Dixon, sales slip no. 267, 54, plus sales tax of 2.70, total 56.70. 12Sold corsage on account to B. Cox, sales slip no. 279, 16, plus sales tax of 0.80, total 16.80. 16Sold wreath on account to All-Star Legion, sales slip no. 296, 104, plus sales tax of 5.20, total 109.20. 18Sold floral arrangements on account to Tucker Funeral Home, sales slip no. 314, 260, plus sales tax of 13, total 273. 21Tucker Funeral Home complained about a wrinkled ribbon on the floral arrangement. Bell Florists allowed a 30 credit plus sales tax of 1.50, credit memo no. 27. 23Sold flower arrangements on account to Price Savings and Loan Association for its fifth anniversary, sales slip no. 337, 180, plus sales tax of 9, total 189. 24Allowed Price Savings and Loan Association credit, 25, plus sales tax of 1.25, because of a few withered blossoms in floral arrangements, credit memo no. 28. Required 1. Record these transactions in the general journal. 2. Post the amounts from the general journal to the general ledger and accounts receivable ledger: Accounts Receivable 113, Sales Tax Payable 214, Sales 411, Sales Returns and Allowances 412. 3. Prepare a schedule of accounts receivable and compare its total with the balance of the Accounts Receivable controlling account.Sales taxes collected from customers are sent to the state at the end of each month. What journal entry is prepared? A. debit Sales Taxes Payable and credit Cash OB. debit Sales Tax Payable and credit Sales OC. debit Accounts Receivable and credit Sales O D. debit Accounts Payable and credit CashEnter 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
- Future Tech's cash register total for June 4 is $13,650. All sales are subject to a 5% sales tax. Record the entry for sales taxes payable and sales. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts Round answers to O decimal places, eg. 25,000) Date Account Titles and Explanation Jun 4 Debit CreditEnter 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 ChangTarget 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.
- 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 ChangIn performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Sandhill Co. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $27,000 and sales taxes $1,350. 2. Carla Vista Co. does not segregate sales and sales taxes. Its register total for April 15 is $19,080, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Sandhill Co. Date Account Titles and Explanation Debit Credit Apr. 10 enter an account title to record the sales transactions and related taxes for Sandhill Co. on April 10enter an account title to record the sales transactions and related taxes for Sandhill Co. on April 10Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900). Dextra collects 5% sales tax, Record the entry for the $6,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. View transaction list Journal entry worksheet 1 Record the cash sales and 5% sales tax. nces Note: Enter debits before credits. Date General Journal Debit Credit Sep 30 8:47 PM 3/27/2022 F6 F8 F9 F10 Insert Prt Sc F11 F12 Fn Lock
- In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. Oriole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $30,000 and sales taxes $1,500. 1. 2. Sheridan Company does not segregate sales and sales taxes. Its register total for April 15 is $18,550, which includes a 6% sales tax. Show Transcribed Text (b) Your answer is partially correct. Prepare tabular summaries to record the sales transactions and related taxes for Sheridan Company. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Apr. 15 $ Assets Cash 18,550 $ C Liabilities Sales Taxes Pay. $ Pd. in Cap. Common Stock $ RevenIvanhoe Company had cash sales of $77,328 (including taxes) for the month of June. Sales are subject to 8.00% sales tax. Prepare the entry to record the sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit CreditOswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that date? A. Cash Sales Revenue Accounts Receivable B. Cash Sales Discounts Accounts Receivable Interest Revenue C. Cash Sales Discounts Accounts Receivable D. Cash Accounts Receivable Sales Revenue Select one: O A. Option A OB. Option B O C. Option C OD. Option D Clear my choice 45,540 460 46,000 460 45,540 460 46,000 46,000 46,000 460 46,000 45,540 460