1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Karolina [17]
4 years ago
10

In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.1. Cervi

q Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $22,000 and sales taxes $1,100.2. Quartz Company does not segregate sales and sales taxes. Its register total for April 15 is $13,780, which includes a 6% sales tax.Prepare the entry to record the sales transactions and related taxes for Cerviq Company.
Prepare the entry to record the sales transactions and related taxes for Quartz Company.
Business
1 answer:
Fofino [41]4 years ago
5 0

Answer:

The entry to record the sales transactions and related taxes for Quartz Company would be as follows:

                Debit         Credit

Cash        $23,100

Sales                             $22,000

Sales taxes                   $1,100

Cash      $13,780

Sales                        $13,000

Sales taxes                $780

Explanation:

In order to prepare the entry to record the sales transactions for Quartz Company we would have to make the following calculation:

According to the given data On April 10, the register totals are sales $22,000 and sales taxes $1,100, hence, cash=$22,000 +$1,100=$23,100

Therefore, the entry to record the sales transactions for Quartz Company would be as follows:

       

                  Debit         Credit

Cash        $23,100

Sales                             $22,000

Sales taxes                   $1,100

In April 15 the cash is $13,780, which includes a 6% sales tax, therefore, the sales would be calculated as follows:

sales=$13,780/6%

sales=$13,000

hence, sales taxes=$780

The entry to record the sales transactions and related taxes for Quartz Company would be as follows:

Cash      $13,780

Sales                        $13,000

Sales taxes                $780

You might be interested in
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue,
inna [77]

Answer:

Explanation:

1. Accounts Receivable - Asset (Come under Current Asset)

2. Equipment - Asset (Come under Fixed asset)

3. Fees Earned - Revenue (Come under income statement)

4. Insurance Expense - Expense (Come under income statement)

5. Prepaid Advertising - Assets (Come under Current Asset)

6. Prepaid Rent - Asset (Come under Current Asset)

7. Rent Revenue - Revenue (Come under income statement)

8. Salary Expense - Expense (Come under income statement)

9. Salary Payable - Liability (Come under current liabilities)

10. Supplies - Asset  (Come under Current Asset)

11. Supplies Expense - Expense  (Come under income statement)

12. Unearned Rent - Liability (Come under current liabilities)

6 0
3 years ago
Dr. Duran was asked by company X to develop a selection system for hiring new employees and to revise the existing performance a
lubasha [3.4K]

Answer:

personnel psychology

Explanation:

Personal psychology is the area of the psychology of an organization that involves various things like recruitment, selection, and other job things like morale, job satisfaction, type of relationship, trust, confidence level, etc

In the given case since it is mentioned that the company wants to revise the pre-existing performance appraisal system so Dr Duran has experience in personal psychology

8 0
3 years ago
__________ modules deal with issues such as setting objectives, employee performance management, and performance-based compensat
Nikolay [14]

Answer:

Employee Resources Management (ERM)

Explanation:

Employee Resources Management (ERM), modules makes use of Customer Relationship Management tools to attend to matters relating to employees' such as employee retention and performance..

4 0
3 years ago
Describe the current economy and labor market, including the types of goods and services produced, the types of skills workers n
kupik [55]
Ndjdjdj djdhsjs hsjdhdhshcvdjsjvdjsbdbxbjdjjj]gshdhsjshdhxhsowhbs sjsbjsjd Ghana f d g. So. S. X. S. F. F. G d c f f d de d d d. F. coc c. Coc. Coc. Coc. C coc. Coc c c f. C c c c c c c. C c c. C c. C. C c c c c. Chutiya hai tu
5 0
4 years ago
Hi there !
Zanzabum

Answer:

Capital expenditures are typically one-time large purchases of fixed assets that will be used for revenue generation over a longer period while revenue expenditures are typically referred to as ongoing operating expenses, which are short-term expenses that are used in running the daily business operations.

6 0
2 years ago
Read 2 more answers
Other questions:
  • What type of group discussion does the moderator perform a passive role
    8·1 answer
  • Fabri Corporation is considering eliminating a department that has an annual contribution margin of $35,000 and $70,000 in annua
    7·1 answer
  • Distinguish between serial activities and concurrent activities why do we seek to use concurrent activities as a way to shorten
    15·1 answer
  • Wendy was in Walmart and noticed a display with baking items collected together and a little pad with recipes to tear off. She l
    12·1 answer
  • Fancy Farms purchased equipment on January 1 at a cash cost of $30,000. The estimated life is 10 years and the estimated residua
    14·1 answer
  • An entity should consider the cost of a control in relationship to the risk. Which of the following controls best reflects this
    9·1 answer
  • _is when there is temporarily not enough of something
    10·1 answer
  • Ivor borrowed $420,000 from Lear Bank. At Lear's request, Ivor entered into an agreement with Ash, Kane, and Queen for them to a
    12·1 answer
  • Discuss how work plays part in the work situation?​
    15·1 answer
  • How do i buy a ring for my super hot fine dad non-existent future novio?
    15·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!