1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Lady bird [3.3K]
3 years ago
9

In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Ivan

hoe Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $29,500 and sales taxes $1,475. 2. Pharoah Company does not segregate sales and sales taxes. Its register total for April 15 is $18,530, which includes a 9% sales tax.
Business
1 answer:
Alona [7]3 years ago
7 0

Answer:

Requirement: Prepare the entry to record the sales transactions and related taxes.

1.   Date      Account Titles and Explanation     Debit     Credit

   Apr. 10   Cash                                                 $30,975

                        Sales Revenue                                          $29,500

                        Sales Tax Payable                                     $1,475

                 (To record Cash sales along with sales tax)

2. Date      Account Titles and Explanation    Debit     Credit

   Apr. 15   Cash                                                 $18,530

                        Sales Revenue                                          $17,000

                        Sales Tax Payable                                     $1,530

                  (To record Cash sales along with sales tax)

<u></u>

<u>Workings</u>

- Total Sales along with sales tax = $18,530, Sales Tax Rate = 9%. Sales Tax Amount = 18530*(0.09/1.09) = $1,530

- Sales Without Sales Tax = $18,530 - $1,530 = $17,000

You might be interested in
Wilson foods corporation leased a commercial food processor on september 30, 2018. the five-year finance lease agreement calls f
ella [17]

Answer:

The journal entry to record the lease would be:

                      Debit        Credit

Asset            $3,000,000

   Lease Payable     $3,000,000

                    Debit        Credit

Lease Payable           $195,774

   Cash     $195,774

Explanation:

To prepare the journal entry to record the lease we would have to calculate the present value of lease payments as follows:

present value of lease payments=$195,774*15.32380=$3,000.000

Therefore, the journal entry to record the lease would be:

                      Debit        Credit

Asset            $3,000,000

   Lease Payable     $3,000,000

                    Debit        Credit

Lease Payable           $195,774

   Cash     $195,774

8 0
3 years ago
HELP PLZZZ NEED THIS FAST
Helen [10]
My head hurts reading this...
6 0
3 years ago
Read 2 more answers
Ecosystem services ________. are required to rebalance natural systems that we have disturbed are economically valuable services
MAXImum [283]
Another answer to go along with the rest is (contribute to keeping ecosystems productive) I hope this helps 
4 0
3 years ago
Henry's savings account has an APR of 3.65%
Kisachek [45]

Answer:

and Leah is saving her account APR of

5 0
2 years ago
Alton ordered an official NFL jersey for his son's birthday and is hoping it will arrive on time. Luckily, the company sent him
postnew [5]

The form of customer communication here is what is referred to as delivery status.

Given the FedEx tracking number that Alton has received, he would be able to get a customized and an in-depth tracking of the NFL jersey that he has ordered for his son.

The availability of a tracking number would also help to build his faith and confidence in the delivery service. This is because it is going to give him a timeline of his good that would help him to anticipate the delivery.

Read more on brainly.com/question/7146441?referrer=searchResults

5 0
2 years ago
Other questions:
  • A supervisor who believes an employee's grievance is not a contractual violation should: accept the employee's grievance, and th
    13·1 answer
  • The journal entry to record a note received from a customer to replace an account is A. debit Notes Receivable credit Accounts R
    5·1 answer
  • Bonita Realty Management Co. received a check for $32,400 on August 1, which represents a one year advance payment of rent on an
    8·1 answer
  • A woman eats chips and dips and burgers and fries and drinks a couple of shakes. afterward, she goes to the gym and does 90 minu
    6·1 answer
  • One role of team leaders is to facilitate discussion. What does that mean?
    14·2 answers
  • Which of the following traits indicate that Stephanie is good at time management in her new management role?Stephanie's work spa
    6·1 answer
  • Kojo, a LifeCare Medical Supplies salesperson, follows Malin, a salesperson for National Medco Products, a LifeCare competitor,
    7·1 answer
  • Agassi Corporation sells products for $90 each that have variable costs of $60 per unit. Agassi’s annual fixed cost is $450,000.
    6·1 answer
  • Kyle works for National Sporting Goods, where he manages critical data elements, such as identifying and acquiring new data sour
    14·1 answer
  • Assume that a company makes only three products: Product A, Product B, and Product C. Currently, the company uses a conventional
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!