Merchandise is sold for cash. The selling price of the merchandise is $1,100 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include a credit to a. Sales Tax Payable for $77 Ob. Cash for $1,100 Oc. Sales for $1,177 d. Cash for $1,177

Merchandise is sold for cash. The selling price of the merchandise is $1,100 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include a credit to a. Sales Tax Payable for $77 Ob. Cash for $1,100 Oc. Sales for $1,177 d. Cash for $1,177

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

See similar textbooks

Related questions

Q: Jordan pays $3,000 in tuition to New York University for completion of his Masters in Tax degree.…

A: If you’re self-employed, you can deduct the cost of education for your trade or business on Schedule…

Q: A company had the following cash flows for the year: (a) Purchased inventory, $60,000 (b) Sold…

A: A cash flow financial statement that outlines a company's cash inflows from ongoing operations and…

Q: Discuss the objects of the cut off on the sales and collection cycle.

A: The cash collection cycle is the number of days it takes to recover accounts receivable. The…

Q: Balance of Salaries Expense The trial balance for Ariel Certified Cleaners appears as follows: Ariel…

A: Financial statements are those statements which are prepared by business at the end of financial…

Q: On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash,…

A: Introduction:- Balance sheet shows financial position of the company. It is based on Balance sheet…

Q: FINANCIAL STATEMENT ANALYSIS FINANCIAL INFORMATION *USE THE DATA BELOW FOR THE CREATION OF…

A: Horizontal analysis: It is utilized in the review of an organization's company's financial…

Q: Required information [The following information applies to the questions displayed below] EagleEye…

A: The question requires us to calculate the Target Cost per unit for entry into the digital binocular…

Q: If an individual itemizes deductions on his or her tax return, he or she may: a. deduct the gross…

A: Deductions: Deductions are the amounts which a taxpayer can claimed in order to reduce his/her tax…

Q: Required information (The following information applies to the questions displayed below.) At the…

A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…

Q: The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 – 50,000 15 %…

A: Income taxes is a form of direct taxes. This means taxes or obligations which needs to be paid out…

Q: Cash $7,000 Prepaid insurance 700 Accounts receivable 3,500 Accounts payable 2,800 Notes payable…

A: Introduction: Trial balance: All the final ledger accounts balances are posted in Trial balance to…

Q: Maria and Javier are the equal partners in MarJa, a partnership that is a qualified trade or…

A: Qualified business income is the amount of income, gain , loss and deduction that is qualified of…

Q: Note Payable problem. On November 1, 2021, Good Luck Inc. received Equipment valued at $600,000 in…

A: Note payable is one of the liability of the business, on which regular interest payments needs to be…

Q: Aldor Corporation opened a new store on January 1, 2014. During 2014, the first year of operations,…

A: Weighted Average - Under the Weighted Average Method, the cost is considered to be average at the…

Q: Historically, Ragman Company has had no significant bad debt experience with its customers.Cash…

A: Cash flow forecasting, often known as capital forecasting, is a means of predicting the flow of…

Q: A company reports the following information: Month Units Sold Total Cost $ 5,500 $ 7,000 $ 8,100 $…

A: Highest activity = 2500 units Lowest activity = 650 units

Q: On January 1, Power House Co. prepaid the annual rent of $19,100. Journalize this transaction. If an…

A: Lets understand the basics. Adjustment entry is required to prepared to record correct amount of…

Q: Seaside issues a bond with a stated interest rate of 12%, the face value of $40,000, and due in 8…

A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds payable.

Q: XYZ Partnership is equally owned by three partners. X sells his interest to M for $90,000 cash and M…

Q: Un the basis of the following stockholders' equity accounts, indicate the items, exclusive of net…

A: Statement of cash flow consist of three activities - operating, investing and financing. Under…

Q: What is modified breakeven analysis?

A: Break even analysis refers to the financial computation that weights the new business cost, product…

Q: Rainey Enterprises loaned $50,000 to Small Company on June 1, Year 1, for one year at 7 percent…

A: The journal entries are prepared to record day to day transactions of the business on regular basis.…

Q: Required: Prepare the journal entries required from the issuance of the note until its maturity on…

A: Note payable is one of the liability of the business, on which regular interest payments needs to be…

Q: Compute the depreciation for this asset for 2022 and 2023 using the double-declining-balance method.…

Q: At year-end 2021, Wallace Landscaping's total assets, all of which are used in operations, were…

A: Total Assets: Total Assets are the amounts reported in company's balance sheet in the secondary head…

Q: Marigold Corp. wants to sell a sufficient quantity of products to earn a profit of $100000. If the…

A: Contribution margin per unit = Selling price - Variable cost per unit = $13 - $8 = $5

Q: FINANCIAL STATEMENT ANALYSIS DATA INFORMATION Statement of Financial Position of cf company…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: The inventory of Marshall's Merchandise Company was destroyed by fire on June 1. From an ex-…

A: Income Statement - This statement shows the income earned and loss incurred by the organization in…

Q: Maggie's Muff

A: Operating expenses component (Expenses other than the cost of goods sold) Net earnings component (…

Q: You have just been hired into a management position which requires the application of your budgeting…

Q: Shaw Company produced 730 units. ts overhead allocation base is OLH and its standard amount per…

A: Volume variance refers to the difference among the actual sold quantity as well as the budgeted…

Q: A company resident in Jamaica purchased the following assets in 2021: Asset Cost…

A: The following are two situations in which receiving capital allowances on a declining balance…

Q: Prepare the journal entry to record the sale of 1,300 units that cost $6 per unit and sold for $17…

A: Journal entry recording is the initial step of accounting cycle process. Under this atleast one…

Q: Accounting Just because the gross profit margin is positive does not mean that a company will be…

A: The statement given is true... A good gross Profit margin doesn't mean that the operations of the…

Q: Exercise 7-2 (Algo) Net Present Value Analysis (LO7-2] The management of Kunkel Company is…

A: Net Present Value- Net present value (NPV) is a tool used to calculate the current value of…

Q: a company uses process costing, weighted-average method in its production. if the equivalent units…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: Seaside issues a bond that has a stated interest rate of 12%, face amount of $40,000, and is due in…

Q: A company reports the following for one of its products. Direct materiels standard (4 pounds @ s2…

A: Lets understand the basics. Material price variance is a variance between the rate at which material…

Q: The payback period at i= 0% is determined to be years. The payback period at i= 12% is determined to…

A: Payback Period The payback period is the amount of time it would take for an investor to recover a…

Q: You have the following information about Al- Farah Company: 2020: Net Sales 11,396.9, Gross profit…

A: Horizontal analysis is one of the financial statement analysis under which each item is being…

Q: Permits limited lobbying activities Exempt organization under 1. University of Virginia § 501(c)(3)…

A: Answer:- Exempt organization meaning:- A private foundation, NGOs, or other similar organization…

Q: please answer within 30 minutes

A: All costs that are directly related to acquisition, construction and production of an qualifying…

Q: Manufacturing cost data for Sunland Company, which uses a job order cost system, are presented…

A: The question is based on the concept of Cost Accounting. Total manufacturing cost = Direct Material…

Q: ive me answer within 30 min pl

A: According to IAS -16 interest payments made should be expensed in the profit and loss A/C the…

Q: June 2 Commenced business with a capital of 1,000,000 June 4 Purchased 2,000 vape at a cost of Php…

A: Post Closing Trial Balance: It is listing of all monetary record accounts containing non-zero…

Q: Zwick Company bought 25,500 shares of the voting common stock of Handy Corporation in January 2021.…

A: Company can pay dividend if it has net income in current year.It can pay income out of free…

Q: There were 1,500 units in beginning inventory that were 40% complete with regard to conversion.…

A: Solution.. Ending inventory = Beginning inventory + units started in - units completed and…

Q: 1- Prepare a Manufacturing account for the year ended 31 December 2017 2- Prepare a Trading account…

A: Manufacturing account shows total costs which are incurred directly for production and manufacturing…

Q: company has 1,000 units in ending work in process that are 30% complete after transferring out 9,000…

A: ln the process costing when an material pass through different process the calculation of equivalent…

Q: or single periodic rental in an instalment sale or finance lease of personal property assuming a…

A: The following is the remedy available::: a.Exact fulfilment of the obligation with right to recovery…

Question

Merchandise is sold for cash. The selling price of the merchandise is $1,100 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would
include a credit to
a. Sales Tax Payable for $77
Ob. Cash for $1,100
Oc. Sales for $1,177
Od. Cash for $1,177
MacRoolk Dro
Used Car E
Search Your Local
Ford
Blue
Advantage
%6690

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Merchandise is sold for cash. The selling price of the merchandise is $5,100 and the sale is subject to a 6% state sales tax. The journal entry to record the sale would include a credit to a.Cash for $5,100 b.Cash for $5,406 c.Sales Tax Payable for $306 d.Sales for $5,406
Merchandise is sold for cash. The selling price of the merchandise is $5,100 and the sale is subject to a 5% state sales tax. The journal entry to record the sale would include a credit to O Cash for $5,100 Sales for $5,355 Sales for $5,100 O Sales Tax Payable for $255 ( Previous Next 0 耳 6:27 PM 38 3/22/2021
Merchandise is sold for cash. The selling price of the merchandise is $3,000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include a credit to a.Sales for $3,210 b.Cash for $3,000 c.Cash for $3,210 d.Sales Tax Payable for $210
Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 8% state sales tax. The journal entry to record the sale would include a credit to Oa. Sales Tax Payable for $296 Ob. Sales for $3,996 Oc. Sales for $3,404 Od. Cash for $3,700
Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is subject to a 7% state sales tax. The entry to journalize the sale would include a credit to Oa. Sales for $5,580 b. Sales Tax Payable for $420 c. Cash for $6,000 d. Sales for $6,420
Journalize the entries to record the following selected transactions: i. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold 0. was $510. ii. Paid $436 to the state sales tax department for taxes collected. Date Description Post. Debit Credit Ref. -C 121 Review Bununo
Merchandise is sold for cash. The selling price of the merchandise is $2,000 and the sale is subject to a 6% state sales tax. The journal entry to record the sale would include a credit to ________ ?
Merchandise is sold for cash. The selling price is the merchandise is $5,000 and the sale is subject to a 5% state sales tax. The journal entry to record the sale would include a credit to sales for $5,250 none of these a credit to sales tax payable for $250
16.Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is subject to a 7% state sales tax. The journal entry for the sale would include a credit to a.Sales Tax Payable for $420 b.Cash for $6,000 c.Sales for $5,580 d.Sales for $6,240 17. Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from these transactions? a.$26,010 b.$24,990 c.$25,500 d.$16,000 18. When a buyer returns merchandise purchased for cash, the buyer will journalize the transaction as a….. a.debit to Cash and a credit to Sales b.debit to Cash and a credit to Merchandise Inventory c.debit to Merchandise Inventory and a credit to Cash d.debit to Sales and a credit to Accounts Payable 19. A sales invoice included the following information: merchandise price, $8,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,100 added to the invoice. Assuming that a…
Journalize the entries to record the following selected transactions: (a) Sold $ 2,000 of merchandise on account, subject to 6.25% sales tax. The cost of the merchandise sold was $ 1,500. (b) Paid $ 120 to the state sales tax department for taxes collected. Description Debit Credit
Dextra Computing sells merchandise for $16,000 cash on September 30 (cost of merchandise is $11,200). Dextra collects 7% sales tax. Record the entry for the $16,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. View transaction list Journal entry worksheet 1 2 3 Record the cash sales and 7% sales tax. Date September 30 Note: Enter debits before credits. General Journal Debit Credit >
Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $5,100 of merchandise on account, subject to a sales tax of 7%. The cost of merchandise sold was $3,010. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Paid $47,320 to the state sales tax department for taxes collected.