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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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The buyer of a futures contract A. assumes the short position. B. may not sell the contract without the permission of the origin
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Answer:

D

Explanation:

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This means to set a future contract rolling, we need to have an agreed date if delivery and currently agreed price by both parties involved.

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3 years ago
The Sarbanes-Oxley Act was created in response to corporate accounting scandals in the early 21st century to reform the accounti
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Answer:

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RV Company agrees to buy a certain quantity of vintage campers from Sales Inc. Their contract limits consequential damages for l
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