College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 10, Problem 1MC
A credit sale of $250 plus a 6% sales tax would require a debit to Accounts Receivable of
- (a) $15.
- (b) $280.
- (c) $30.
- (d) $265.
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A sale of merchandise on account for $15,750 is subject to a 7% sales tax.
(a) Should the sales tax be recorded at the time of sale or when payment is received?At the time of sale
(b) What is the amount recorded as sales? If required, round the answer to one decimal place.$
(c) What is the amount debited to Accounts Receivable? If required, round the answer to one decimal place.$
(d) What is the title of the account to which the $1,102.5 ($15,750 × 7%) is credited?Sales Tax Payable
A sale of merchandise on account for $36,000 is subject to an 8% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the amount recorded as sales? (c) What is the amount debited to Accounts Receivable? (d) What is the title of the account to which the $2,880 ($36,000 × 8%) is credited?
A sale of merchandise on account for $12,000 is subject to an 8% sales tax.
(a) Should the sales tax be recorded at the time of sale or when payment is received?At the time of sale
(b) What is the amount of the sale?$fill in the blank 2
(c) What is the amount of the increase to Accounts Receivable? If required, round your answers to nearest whole value.$fill in the blank 3
(d) What is the title of the account in which the $960 (12,000 x 8%) is credited?Sales Tax Payable
Chapter 10 Solutions
College Accounting, Chapters 1-27
Ch. 10 - Prob. 1TFCh. 10 - All sales, for cash or on credit, can be recorded...Ch. 10 - Sales Tax Payable is a liability account that is...Ch. 10 - Prob. 4TFCh. 10 - Prob. 5TFCh. 10 - A credit sale of 250 plus a 6% sales tax would...Ch. 10 - When 25 of merchandise is returned for a credit on...Ch. 10 - Prob. 3MCCh. 10 - Prob. 4MCCh. 10 - Prob. 5MC
Ch. 10 - Prob. 1CECh. 10 - Prepare journal entries for the following sales...Ch. 10 - Prob. 3CECh. 10 - On March 24, MS Companys Accounts Receivable...Ch. 10 - Prob. 1RQCh. 10 - What is the purpose of a credit memo?Ch. 10 - Prob. 3RQCh. 10 - Prob. 4RQCh. 10 - Prob. 5RQCh. 10 - Prob. 6RQCh. 10 - What steps are followed in posting cash receipts...Ch. 10 - What steps are followed in posting cash receipts...Ch. 10 - Prob. 9RQCh. 10 - Prob. 1SEACh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEACh. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - Prob. 5SEACh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - Prob. 7SEACh. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS J. K. Bijan owns a retail...Ch. 10 - Prob. 11SPACh. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Sourk...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - Prob. 1SEBCh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEBCh. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - Prob. 5SEBCh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - JOURNALIZING SALES RETURNS AND ALLOWANCES Enter...Ch. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS T. M. Maxwell owns a retail...Ch. 10 - CASH RECEIPTS TRANSACTIONS Color Florists, a...Ch. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Paul Jackson...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - You and your spouse have separate charge accounts...Ch. 10 - Prob. 1ECCh. 10 - Geoff and Sandy Harland own and operate Wayward...Ch. 10 - Enter the following transactions in a general...
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- When 25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate? (a) 1.50 (b) 25.00 (c) 26.50 (d) 31.00arrow_forwardThe Allowance for uncollectible accounts currently has a credit balance of $200. Thecompany's management estimates that 2.5% of net credit sales will be uncollectible. Netcredit sales are $115,000. What will be the amount of Uncollectible account expensereported on the income statement?arrow_forwardQ4. A sale of merchandise on account for $5,000, terms n/30, is subject to an 8% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? Answer: ______________________________________________________________________ (b) What is the amount of the sale? Answer: ______________________________________________________________________ (c) What is the amount of the increase to Accounts Receivables? Answer: ______________________________________________________________________ (d) What is the title of the account in which the $400 ($5,000 x 8%) is recorded? Answer: ______________________________________________________________________arrow_forward
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