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SSSSS [86.1K]
3 years ago
5

Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man

, who pays in cash. The sale is subject to a 9.75 percent sales tax. Prepare the revenue portion of the February 13 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Business
1 answer:
Simora [160]3 years ago
4 0

Answer:

Cash Dr 10975  

     To Sales  $10,000  

     To  Sales Tax Payable $975 ($10,000 × 9.75%)

(Being the cash is recorded)

Explanation:

The journal entry is shown below;

Cash Dr 10975  

     To Sales  $10,000  

     To  Sales Tax Payable $975 ($10,000 × 9.75%)

(Being the cash is recorded)

For recording this we debited the cash as it increased the assets and credited the sales and sales tax payable as it also increased the revenue and liabilities

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March     Equipment                        $ 35,000.00

Discount on note payable                 4,000.00

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Date          Account                               Debit                Credit

June 1 Building- sprinkler system       $ 38,000.00

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5

Journal to record amount received by plaintiff for successful infringement

Date          Account                               Debit                Credit

patent                                   $ 22,000.00

Cash                                                                            $ 22,000.00

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Calculation:

lost in trade-in = book value of old machine + cash paid for machine -  fair value of new equipment =(6000+10000-13000)

= $3000  

Accumulated depreciation=original cost of old machine - book value = $12400- $6000=$6,400

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