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Ad libitum [116K]
2 years ago
12

The following selected transactions apply to Book Yard Store for November and December, Year 1. November was the first month of

operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month.
a. Cash Sales for Nov Year 1 were $100,000 plus sales tax of 9%.
b. Book Yard the Nov sales tax to the state agency on Dec 7, Year 1.
c. Cash Sales for Dec Year 1 were $80,000 plus sales tax of 9%.
Business
1 answer:
olga55 [171]2 years ago
6 0

Answer:

The question requires that you show the effect of the previous transactions on a statements model. Since there is not enough room here, I prepared the attached excel spreadsheet.

Download pdf
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Answer:

Sheryl Hansen

T- Accounts

Cash

Account Titles                  Debit   Credit

a. Sheryl Hasen, Capital $3,100

b. Equipment                                 $500  

d. Accounts Payable                       300

e. Sheryl Hasen, Drawings             700

Sheryl Hasen, Capital

Account Titles                  Debit   Credit

a. Cash                                        $3,100

Equipment

Account Titles                  Debit   Credit

b. Cash                             $500

c. Accounts Payable          800

Accounts Payable

Account Titles                  Debit   Credit

c. Equipment                                 $800

d.  Cash                            $300

Sheryl Hasen, Drawings

Account Titles                  Debit   Credit

e. Cash                            $700

Explanation:

a) Data and Analysis:

a. Cash $3,100 Sheryl Hasen, Capital $3,100

b. Equipment $500 Cash $500

c. Equipment $800 Accounts Payable $800

d. Accounts Payable $300 Cash $300

e. Sheryl Hasen, Drawings $700 Cash $700

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Explanation:

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