The ledger records has the under mentioned accounts: Unearned service revenue=16,680 Sales tax payable=8,490 Accounts payable=54,470 1.In the month of January dated 05, the company sold merchandise of cash amounting to 16,200, which includes 8% sales tax amount. 2.Jan-12-Services to customers who made advance payment of 11,490 3.Jan-14-Payment paid to state revenue department for sales tax collected in december 2014 (8,490) 4.Jan-20-Company sold 800 units of a new product on credit at 50 per unit, plus 8% sales tax 5.Jan-21-Borrowed 27,000 from Emerald Bank on 3-month, 8%, 27,000 note. 6.Jan-25-Company sold merchandise for cash totaling 10,098 which includes 8% sales tax. Required: 1.January transactions-Journal entries 2.January transactions-Journal entries at Jan 31 for outstanding notes payable

The ledger records has the under mentioned accounts: Unearned service revenue=16,680 Sales tax payable=8,490 Accounts payable=54,470 1.In the month of January dated 05, the company sold merchandise of cash amounting to 16,200, which includes 8% sales tax amount. 2.Jan-12-Services to customers who made advance payment of 11,490 3.Jan-14-Payment paid to state revenue department for sales tax collected in december 2014 (8,490) 4.Jan-20-Company sold 800 units of a new product on credit at 50 per unit, plus 8% sales tax 5.Jan-21-Borrowed 27,000 from Emerald Bank on 3-month, 8%, 27,000 note. 6.Jan-25-Company sold merchandise for cash totaling 10,098 which includes 8% sales tax. Required: 1.January transactions-Journal entries 2.January transactions-Journal entries at Jan 31 for outstanding notes payable

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
Giga Inc has the following information: Unearned service revenue=$16,680 Sales tax payable=$8,490 Accounts payable=54,470 1.In the month of January dated 05, the company sold merchandise of cash amounting to $16,200, which includes 8% sales tax amount. 2.Jan-12-Services to customers who made advance payment of 11,490 3.Jan-14-Payment paid to state revenue department for sales tax collected in december 2014 (8,490) 4.Jan-20-Company sold 800 units of a new product on credit at 50 per unit, plus 8% sales tax 5.Jan-21-Borrowed 27,000 from Emerald Bank on 3-month, 8%, 27,000 note. 6.Jan-25-Company sold merchandise for cash totaling 10,098 which includes 8% sales tax. Required: January transactions-Journal entries
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The ledger records of Rockers Ltd has the under mentioned liability accounts:Unearned service revenue=16,680Sales tax payable=8,490Accounts payable=54,4701.In the month of January dated 05, the company sold merchandise of cash amounting to 16,200, which includes 8% sales tax amount.2.Jan-12-Services to customers who made advance payment of 11,4903.Jan-14-Payment paid to state revenue department for sales tax collected in december 2014 (8,490)4.Jan-20-Company sold 800 units of a new product on credit at 50 per unit, plus 8% sales tax5.Jan-21-Borrowed 27,000 from Emerald Bank on 3-month, 8%, 27,000 note.6.Jan-25-Company sold merchandise for cash totaling 10,098 which includes 8% sales tax.Required:A.January transactions-Journal entriesB. January transactions-Journal entries at Jan 31 for outstanding notes payable
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On January 1, 2015, the ledger of Accardo Company contains the following liability accounts. Accounts Payable $56,350 Sales Taxes Payable 8,320 Unearned Service Revenue 15,930 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $15,012, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $11,330. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2014 ($8,320). 20 Sold 850 units of a new product on credit at $50 per unit, plus 8% sales tax. 21 Borrowed $31,500 from Girard Bank on a 3-month, 8%, $31,500 note. 25 Sold merchandise for cash totaling $9,504, which includes 8% sales taxes. Date Account Titles and Explanation Debit Credit Jan. 5 Jan. 12…