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uranmaximum [27]
3 years ago
9

G "Your Company sells goods to customers for $1,200 cash. You also collect sales taxes of $96. The journal entry to record this

transaction is: Group of answer choices
DR Sales Tax Payable $96; CR Cash $96.
DR Cash of 1,296 ; CR Revenue $1200 ; CR Sales Tax Payable $96
DR Cash $1,296; CR Revenue $1,296.
DR Cash of $1,296 ; CR Revenue $1,200 ; CR Sales Tax Expense $96."
Business
1 answer:
Novosadov [1.4K]3 years ago
5 0

Answer: DR Cash of 1,296 ; CR Revenue $1200 ; CR Sales Tax Payable $96

Explanation:

When accounting for taxes paid on revenue, you must account for them separately.

You add the tax to the sales and DEBIT it to Cash then you take just the sales figure without the tax and CREDIT Revenue. The tax is sent to the Sales Tax Payable Account as a CREDIT.

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What is one example of a planned economy?
Daniel [21]

Answer:

socialist economy

Explanation:

A planned economy is a system where the government or the central authority makes all major economic decisions. The government decides on the type and quantities of goods to produce and for whom to produce. In the planned economy, factors of production belong to the government. Manufacture of goods and services is motivated by service to the community, not profits.

A socialist economy is a good example of a planned economy. Just like in a planned economy, a socialist economy is characterized by heavy government involvement. The state controls the factors of production. Public service is the reason for economic production, while consumers do not have the liberty to choose products.

6 0
3 years ago
PLZ HELP
Kitty [74]

Answer:

200

Explanation:

8 0
3 years ago
Jim has a full-time job and occasionally designs Web sites for individuals and businesses. At the end of the year, Jim files his
andre [41]

A) Yes, because the government requires individuals to report income earned from an employer and other sources.

His side gig was the equivalent of self contracting. He would definitely have to report of he made over $400.
6 0
3 years ago
Which of the following is not an example of<br> institutional consumers?
Murljashka [212]

Answer:

which of the following but where are the following broo

4 0
3 years ago
Olde Shoppe has the following information at August​ 31: times Two deposits made on August 31 were not on the bank​ statement, t
Reika [66]

Answer:

The adjusted book balance at August​ 31 is $13,824

Explanation:

The computation of the book balance is shown below:

= Cash balance + EFT payment on a note receivable +  interest on the note - forgot to record check -  check printing service fee  - NSF check

= $11,667 + $2,830 + $150 - $643 - $80 - $100

= $13,824

The remaining transactions would be adjusted to bank balance

3 0
3 years ago
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