On March 25, Osgood Company sold merchandise on account, $4,100, terms n/30. The applicable sales tax percentage is 7%.Journalize this transaction. If an amount box does not require an entry, leave it blank.March 25

Answered: On March 25, Osgood Company sold…

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...

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Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
On March 25, Osgood Company sold merchandise on account, $4,200 terms n/30. The applicable sales tax percentage is 6%. Record the transaction. If an amount box does not require an entry, leave it blank. Mar. 25
On March 25, Osgood Company sold merchandise on account, $2,900, terms n/30. The applicable sales tax percentage is 8%. Record the transaction. If an amount box does not require an entry, leave it blank.
On March 25, Osgood Company sold merchandise on account, $4,900, terms n/30. The applicable sales tax percentage is 5%. Required: Record the transaction. Refer to the Chart of Accounts for exact wording of account titles.
On December 29 of the current year, Sabre Company sold merchandise for $4, 000 on credit terms, 3/10, n/60. Its accounting period ends December 31. Required Provide the following entries under the gross method. a. To record the merchandise sale. Omit the cost of goods sold entry. b. To record collection of the account, assuming collection took place on January 5 of next year. c. To record collection of the account, assuming collection took place on February 15 of next year. Note: If a line in a journal entry isn't required for a transaction, select "N/A" as the account name and leave the Dr. or Cr. answer blank (zero). 0
On March 25, Osgood Company sold merchandise on account, $2,900, terms n/30. The applicable sales tax percentage is 5%. Required: Record the transaction. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Osgood Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customer Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534…
The entry to record a sale on account of merchandise of $300 subject to sales tax of 6% includes a debit to the a)Accounts Receivable account for $318. b)Sales tax Payable account for $18. c)Accounts Receivable account for $300. d)Cash account for $300 and a debit to the Sales Tax account for $18.
Greenspan Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $11,880. All sales are subject to a 8% sales tax.Compute sales taxes payable. Sales taxes payable $enter Sales taxes payable in dollars Make the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16
On January 6, Jacob Co. sells merchandise on account to Harley Inc. for $9,200,terms 1/10, n/30. On January 16, Harley pays the amount due. InstructionsPrepare the entries on Jacob Co.’s books to record the sale and related collection. (Omit cost of goods sold entries.)
Sunland Company Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $13,375. All sales are subject to a 7% sales tax.Compute sales taxes payable. Sales taxes payable $ enter a dollar amount Make the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16 enter an account title to record sales taxes payable and sales on March 16 enter a debit amount enter a credit amount enter an account title to record sales taxes payable and sales on March 16 enter a debit amount enter a credit amount enter an account title to record sales taxes payable and sales on March 16 enter a debit amount
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On March 25, Osgood Company sold merchandise on account, $4,100, terms n/30. The applicable sales tax percentage is 7%. Journalize this transaction. If an amount box does not require an entry, leave it blank. March 25