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8_murik_8 [283]
3 years ago
9

Sales Tax Transactions Journalize the entries to record the following selected transactions: a. Sold $62,800 of merchandise on a

ccount, subject to a sales tax of 5%. The cost of the merchandise sold was $37,500. For a compound transaction, if an amount box does not require an entry, leave it blank.
Business
1 answer:
Rus_ich [418]3 years ago
8 0

Answer:

Dr Account receivable $65,940

Cr Sales Revenue $62,800

Cr Sales tax payable $3,140

Explanation:

Sales of merchandise inventory on account

Dr Account receivable $65,940

Cr Sales Revenue $62,800

Cr Sales tax payable $3,140

Sales tax payable = Sales Revenue × Sales tax percentage

$62,800×5%

=$3,140

Amount of account receivable

Account receivable = Sales Revenue + Sales tax payable

$62,800+ $3,140

=$65,940

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3 years ago
Jason's Outdoors manufactures two products: snow skis and water skis. Jason's managerial accountant suspects that product cost d
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Answer:

Jason's accountant should consider a single plantwide rate to correct the problem.

Explanation:

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3 years ago
Worldwide​ Wholesalers, Inc. has decided that instead of having its employees manage its raw materials​ inventory, it will pay i
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Answer:

Worldwide​ Wholesalers, Inc. has decided that instead of having its employees manage its raw materials​ inventory, it will pay its suppliers to store and deliver the products as needed. What action has Worldwide​ taken?

A.  Operations control

B.  Outsourcing

C.  ​Value-added analysis

D.  Business process re-engineering

E.  Quality control

Answer: B

Explanation:

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5 0
3 years ago
Why should you memorize your social security number rather then carry your social security card in your wallet? Explain why you
kakasveta [241]

Answer:

Hmm.

Explanation:

  • Why should you memorize your social security number rather than carry your social security card in your wallet?

One big reason why you should NOT carry your social security number on you is that you could get robbed at ANY moment. And if someone has your Social security number, then they could slander your name.

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You will need to provide your social security number to employers because they need to make sure that you are you.

<em>'Why do employers need my social security number? If an employer decides to extend you an offer, they will eventually need your social security number to verify your identity and work authorization and perhaps to complete a background check. However, they don't need it in the initial hiring phase.'</em>

4 0
3 years ago
Kennedy Company uses the balance sheet approach in estimating uncollectible accounts expense. The company prepares an adjusting
s2008m [1.1K]

Answer:

The amount of uncollectible account expense was recorded for July was $9,500

Explanation:

According to the given data we have the following:

Accounts written off amount=$5,200

Increase in Allowance for Doubtful Accounts=$4,300

Therefore, in order to calculate the  amount of uncollectible account expense was recorded for July we would have to make the following calculation:

Uncollectible accounts expense for July= Accounts written off+ Increase in Allowance for Doubtful Accounts

Uncollectible accounts expense for July= $5,200+$4,300

Uncollectible accounts expense for July=$9,500

The amount of uncollectible account expense was recorded for July was $9,500

3 0
3 years ago
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