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Reptile [31]
3 years ago
12

Julie Convenience Store sold merchandise for cash to a customer, and recorded a debit to Cash for $371, which included a 6% Sale

s tax. In the same transaction, they must also: A) credit Sales Revenue for 300 B) credit Sales Tax Payable for $22.26 C) credit Sales Tax Payable for $21 D) credit Sales Revenue for $371 E) credit Sales Revenue for $393.26
Business
1 answer:
nlexa [21]3 years ago
3 0

Answer:

C) credit Sales Tax Payable for $21

Explanation:

Based on the information given In the same transaction, they must also CREDIT SALES TAX PAYABLE FOR $21 Calculated as:

First step is to calculate the sales tax element

Sales tax element = $371*6/106

Sales tax element= $21

Now let calculate what the Price exclusive of sales tax would be

Price exclusive of sales tax=$371-$21

Price exclusive of sales tax= $350

The correct journal entry should be:

Dr Cash $371

Cr Sales revenue $350

($371-$21)

Cr Sales tax payable $21

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Prior to the closing, one final inspection should take place. This is also known as the final what?
iren [92.7K]

Prior to the closing, one final inspection should take place. This is also known as the final walk through.

<h3>What is walk through inspection?</h3>

Just prior to closing, a walk-through inspection is performed to make sure the property is still in good shape, there hasn't been any additional damage, and all of the fixtures included in the sale are still there.

A buyer and their real estate agent will tour the house together during the walkthrough. They'll make sure there isn't any fresh damage, that all of the house's systems and appliances that are included in the sale are still in good functioning order, and that the house is clean.

<h3>What is purpose of walk-through?</h3>

The objectives of a walk-through are as follows: By involving stakeholders from both inside and outside the software discipline, you can gather information about the subject of the document. Describe and explain the document's contents. Obtain agreement on the document as a whole.

To know more about walk-through visit:

brainly.com/question/15212545

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8 0
1 year ago
Kaspar Industries expects credit sales for January, February, and March to be $205,100, $263,100, and $314,500, respectively. It
SVETLANKA909090 [29]

Answer:

January $153,825

February $248,600

March $301,650

Explanation:

Computation for cash collections from customers for each month:

January February March

January: ($205,100 x 75%=$153,825) ($205,100 x 25%=$51,275) $0

February: $0 ($263,100 x 75%= $197,325) ($263,100 x 25%=$65,775)

March: $0 $0 ($314,500 x 75%=$235,875)

TOTAL $153,825 $248,600 $301,650

Therefore cash collections from customers for each month is :

January $153,825

February $248,600

March $301,650

7 0
3 years ago
Robert has a monthly income of $1,650.00. His monthly mortgage payment is $675.00. What percentage of his income does Robert spe
makkiz [27]

Answer:B.40.9%

Explanation:

If $675 spend on mortgage and his monthly income is $1650

So the percentage will be:

$675 / $1650 × 100

= 0.409 ×100

= 40.9%

6 0
3 years ago
At times, someone with a good credit rating may not be able to get a loan. When this happens, the potential customer may be told
Sergio [31]

It can mean that the bank is running low on liquidity of cash. In the banks are required to keep a minimum of liquidity to be able to give loans and keep the cash flow. In case the bank is running low on liquidity the customer should inform the central bank and the central bank should fine the bank for not maintaining the liquidity.

3 0
3 years ago
Which of the following statements is CORRECT? a. The bid price in a hostile takeover is generally above the price before the tak
just olya [345]

Answer:

a.

Explanation:

Based on all the answers that were provided the statement that is correct is that the bid price in a hostile takeover is generally above the price before the takeover attempt is announced, because otherwise there would be no incentive for the stockholders to sell to the hostile bidder and the takeover attempt would probably fail. Which pretty much explains itself, except for that a hostile takeover is when a person or another business tries to purchase a business by going directly to the shareholders themselves.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

5 0
3 years ago
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