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Gwar [14]
3 years ago
14

E13.5 (LO 1 ) (Adjusting Entry for Sales Tax) During the month of June, Rowling Boutique recorded cash sales of $233,200 and cre

dit sales of $153,700, both of which include the 6% sales tax that must be remitted to the state by July 15. Instructions Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements.
Business
1 answer:
Andru [333]3 years ago
7 0

Answer:

The entries that record the sales tax should be:

June X, 202x, for cash sales

Dr Cash 233,200

    Cr Sales revenue 219,208

    Cr Sales tax payable 13,992

June X, 202x, for credit sales

Dr Accounts receivable 153,700

    Cr Sales revenue 144,478

    Cr Sales tax payable 9,222

The journal entry to record the payment of sales tax:

July 15, 202x, payment of sales taxes

Dr Sales tax payable 23,214

    Cr Cash 23,214

You must record sales taxes at the moment that the sale is made, crediting a liability (sales tax payable) along with the revenue account.

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3 years ago
To pay for your​ education, you've taken out ​$29,000 in student loans. If you make monthly payments over 10 years at 7 percent
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Answer:

$169.07

Explanation:

Data provided in the question:

Loan amount = $29,000

Time  = 10 years

Interest rate = 7% compounded monthly

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on substituting the respective values, we get

$29,000 = Monthly payments × [ { 1 - (1 + 0.00583 )⁻¹²⁰ } ÷ 0.00583]

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7 0
3 years ago
Assume that the GSI report on the septic system was complete and accurate, except that it misplaced the location of the sewage a
forsale [732]

Answer:did

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Septic systems are commonly used in rural areas where there is no centralised waste treatment system.

WHEN THE GSI REPORT MISPLACES ANY DETAIL IN ITS REPORT, IT MEANS THAT IT ACTUALLY BREACHES THE CONTRACT.

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