The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of RO 1,100 (sales tax rate of 5%), the journal entry for this transaction is Select one: O a. Sales Revenue 22,000 Cash 22,000 Ob. Cash 23,100 Sales Revenue 22,000 Sales tax payable 1,100 O C. Sales Revenue 23,100 Cash 22,000 Sales tay navable 1.100

The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of RO 1,100 (sales tax rate of 5%), the journal entry for this transaction is Select one: O a. Sales Revenue 22,000 Cash 22,000 Ob. Cash 23,100 Sales Revenue 22,000 Sales tax payable 1,100 O C. Sales Revenue 23,100 Cash 22,000 Sales tay navable 1.100

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Description: The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of RO 1,100(sales tax rate of 5%), the journal entry for this transaction isSelect one:O a.Sales Revenue22,000Cash22,000O b.Cash23,100Sales Revenue22,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of RO 1,100 (sales tax rate of 5%), the journal entry for this transaction is Select one: O a. Sales Revenue 22,000 Cash 22,000 O b. Cash 23,100 Sales Revenue 22,000 Sales tax payable 1,100 О с. Sales Revenue 23,100 Cash 22,000 Sales tax payable 1,100
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On March 25, Osgood Company sold merchandise on account, $2,900, 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. CHART OF ACCOUNTS Osgood Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customer Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534…