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ira [324]
3 years ago
12

Flavor Ice Cream received a payment of $7,800 from a credit customer within the discount period. Identify the journal the transa

ction would be recorded in:
Business
1 answer:
artcher [175]3 years ago
5 0

Answer:

Cash receipts journal

Explanation:

The cash receipt journal is an accounting journal system which keeps the track of all the transactions i.e the sales and cash credited.

Here in the given question the payment is received by the credit customer.

Hence, for the sales transaction the payment is credited in the account of the company.

Thus,

it will be recorded in the Cash receipts journal

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Option A. It is a process by which consumers interpret information in ways that are biased by their previously held beliefs.

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This is the term that is used to refer to the way people reason using their subconscious mind.

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2 years ago
merchandise is sold for cash. the selling price of the merchandise is $2,600, and the sale is subject to a 6% state sales tax. t
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The journal entry for the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.

The government levies a consumption tax known as a sales tax on the purchase of goods and services. At the point of sale, a standard sales tax is imposed, collected by the retailer, and paid to the government. Companies must first apply for a sales tax permit from their state's department of taxation in order to be able to collect sales tax from customers. Every time a customer makes a purchase, businesses collect sales tax, which they subsequently monthly or quarterly send to the state.

As the selling price of the merchandise is $2,600 and the state sales tax is 6%, this means that 6% of $2,600 has to be paid to the state governing body.

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Sales tax = $156

Therefore; the entry to journalize the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.

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