COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 7, Problem 3E
To determine
Journalize the given transactions.
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Putman Company had cash sales of $75,950 (including taxes) for the month of June. Sales are subject to 8.5% sales tax.Prepare the entry to record the sale.
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During December, Far West Services makes a $5,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%.
(Note: the sales tax amount is in addition to the credit sale amount.)
Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in
the first account field.)
View transaction list
Journal entry worksheet
1
>
Record the sale including the sales tax.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1
Exceptional Electronics began operations September 1, 20X1. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. The terms for all sales on credit are net 30. During September, Exceptional Electronics engaged in the following transactions:Â
DATE
TRANSACTIONS
20X1
Â
Sept.
1
Sold a high-definition television set on credit to Candy Cho; issued Sales Slip 101 for $2,300 plus sales tax of $161.
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3
Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $1,000 plus sales tax of $70.
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7
Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $200 plus sales tax of $14.
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12
Accepted return of defective stereo equipment from Jim Peterson; issued Credit Memorandum 101 for $100 plus sales tax of $7. The stereo equipment was sold on September 3.
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15
Recorded cash sales for the period from September 1 to September 15 of $10,700 plus sales tax of $749.
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16
Sold a gas dryer on credit…
Chapter 7 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 7 - What is the name of the account used to record...Ch. 7 - What is a sales return? What is a sales allowance?Ch. 7 - Prob. 1.3SRQCh. 7 - Prob. 1.4SRECh. 7 - Prob. 1.5SRECh. 7 - Prob. 1.6SRACh. 7 - Prob. 2.1SRQCh. 7 - Prob. 2.2SRQCh. 7 - Prob. 2.3SRQCh. 7 - Prob. 2.4SRQ
Ch. 7 - Prob. 2.5SRECh. 7 - Prob. 2.6SRECh. 7 - Prob. 2.7SRACh. 7 - Prob. 1CSRCh. 7 - Prob. 2CSRCh. 7 - Prob. 3CSRCh. 7 - Prob. 4CSRCh. 7 - Prob. 5CSRCh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQCh. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 7 - Prob. 14DQCh. 7 - Prob. 15DQCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Record the following transactions of Fashion Park...Ch. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 6PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - INSTRUCTIONS 1. Open the general ledger accounts...Ch. 7 - The Urban Florist is a wholesale shop that sells...Ch. 7 - Prob. 5PBCh. 7 - Prob. 6PBCh. 7 - Prob. 1CTPCh. 7 - Tony Zendejas is the owner of Housewares Galore, a...Ch. 7 - Prob. 1MFCh. 7 - Prob. 2MFCh. 7 - Prob. 3MFCh. 7 - Prob. 4MFCh. 7 - Prob. 5MFCh. 7 - Prob. 6MFCh. 7 - Prob. 7MFCh. 7 - Why should management insist that all sales on...Ch. 7 - Prob. 1ED
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- During December, Far West Services makes a $3,600 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. (Note: the sales tax amount is in addition to the credit sale amount.) Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)arrow_forwardA retailer sells merchandise for $500 cash on June 30 (cost of merchandise is $300). The retailer collects 7% sales tax. Record the entry for the $500 sale and its applicable sales tax. Also record the entry that shows the taxes collected being sent to the government on July 15.arrow_forwardPosner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $251,450 What is the amount of sales taxes (round to nearest dollar) for May? What is the amount of sales taxes payable (round to nearest dollar) to the state for the month of May?arrow_forward
- Target 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.arrow_forwardJournalize the entries to record the following selected transactions:a. Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $37,500.b. Paid $39,650 to the state sales tax department for taxes collected.arrow_forwardDuring the month of September, the following transactions occurred. The applicable sales tax rate is 6%. Sept.  2  Sold merchandise on account to Sam Larson, $1,400, plus sales tax.   7  Sold merchandise on account to David Mitchell, $1,900, plus sales tax.   12  Issued credit memorandum to Sam Larson for $689, including sales tax of $39.   22  Sold merchandise on account to Matt Feustal, $500, plus sales tax.  28  Sold merchandise on account to Ana Cardona, $850, plus sales tax. Enter the transactions in the general journal. If an amount box does not require an entry, leave it blank. Page: 1arrow_forward
- During the month of September, the following transactions occurred. The applicable sales tax rate is 6%. Sept.  2  Sold merchandise on account to Sam Larson, $1,400, plus sales tax.   7  Sold merchandise on account to David Mitchell, $1,900, plus sales tax.   12  Issued credit memorandum to Sam Larson for $689, including sales tax of $39.   22  Sold merchandise on account to Matt Feustal, $500, plus sales tax.  28  Sold merchandise on account to Ana Cardona, $850, plus sales tax. Enter the transactions in the general journal. If an amount box does not require an entry, leave it blank. Page: 1  DATE DESCRIPTION POST.REF. DEBIT CREDIT  1 Sept. 2   fill in the blank 2 fill in the blank 3 1 2    fill in the blank 5 fill in the blank 6 2 3    fill in the blank 8 fill in the blank 9 3 4 Sept. 7   fill in the blank 11 fill in the blank 12 4 5    fill in the blank 14 fill in the blank 15 5 6    fill in the blank 17 fill in the…arrow_forwardUrban Star Sporting Goods must charge 8 percent sales tax on all sales. DATE TRANSACTIONS 20X1 Feb. 2 Sold merchandise totaling $4,800 plus tax to customers using bank credit cards. Record the 2 percent discount on credit card sales at time of sale. 15 Sold merchandise totaling $2,650 to customers using American Express. 20 Received amount due from American Express, less their 3 percent discount, for sales made by customers using American Express on February 15. Required: Record the above transactions of Urban Star Sporting Goods in a general journal. (Round your intermediate calculations and final answers to 2 decimal places.)arrow_forwardDuring the month of September, the following transactions occurred. The applicable sales tax rate is 6%. Sept.  2 Sold merchandise on account to Sam Larson, $1,400, plus sales tax.   7 Sold merchandise on account to David Mitchell, $1,900, plus sales tax.   12 Issued credit memorandum to Sam Larson for $689, including sales tax of $39.   22 Sold merchandise on account to Matt Feustal, $500, plus sales tax.  28 Sold merchandise on account to Ana Cardona, $850, plus sales tax. ​ Enter the transactions in the general journal. If an amount box does not require an entry, leave it blank.arrow_forward
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