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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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True or false: most riders cannot tell the difference between low-risk behavior and high-risk behavior.
EleoNora [17]

The given statement that most riders cannot tell the difference between low-risk behavior and high-risk behavior is FALSE.

<h3>What is high-risk behavior.?</h3>

This refers to the type of behavior that a person engages in that could lead to severe consequences.

Hence, we can see that The given statement that most riders cannot tell the difference between low-risk behavior and high-risk behavior is FALSE and this is because they know when they put themselves in danger and when they are following protocols and guidelines about safety.

Read more about high-risk behavior here:

brainly.com/question/3711204

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4 0
2 years ago
Net income is ________. Question 7 options: A) not cash flow B) earnings before interest and taxes C) the cash flow from the ope
victus00 [196]

Answer:d the increase or decrease in cash flow for the period of time

Explanation:

It’s the amount gained and lost in the amount of time they were in business

4 0
3 years ago
Liza, an HR manager, wants to explain the hierarchy of the organization to a group of trainees. She also wants to describe to th
klemol [59]

a powerpoint or diagram

7 0
2 years ago
Question 9 of 10
Serga [27]

the answer is B collusion

4 0
2 years ago
Acoma, Inc., has determined a standard direct materials cost per unit of $8 (2 feet times $4 per foot). Last month, Acoma purcha
olchik [2.2K]

Answer:

Direct Material Price Variance = $1,050 Favorable

Direct Material quantity Variance = $800 Unfavorable

Direct Material Spending Variance = $250 Favorable

Explanation:

Provided information we have,

Standard quantity = 2 feet per unit

Standard price per feet = $4 per feet

Actual units produced = 2,000

Actual cost = $15,750

Actual raw material used = 4,200 feet

Cost per feet actual = \frac{15,750}{4,200} = $3.75 per feet\\

Standard quantity for actual output = 2,000 units \times 2 feet

= 4,000 feet

Standard cost = 4,000 \times $4 = $16,000

Direct Material Price Variance = (Standard Price - Actual Price) \times Actual quantity

= ($4 - $3.75) \times 4,200 = $1,050 Favorable

Since the value is positive as actual rate is less than standard rate, therefore, variance is favorable.

Direct Material Quantity Variance = (Standard Quantity - Actual Quantity) \times Standard Price

= (4,000 - 4,200) \times $4

= -$800 Unfavorable

As, the value is negative, since actual quantity used is higher than standard quantity, therefore, variance is unfavorable.

Direct Material Spending Variance = (Standard Cost - Actual Cost)

= $16,000 - $15,750

= $250 Favorable

As the value is positive because actual cost is less than standard cost the variance is favorable.

8 0
3 years ago
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