Elegant Electronics sells a cellular phone on September 2 for $460. On September 6, Elegant sells another cellular phone for $640. Sales tax is computed at 5.0 percent of the total sale. Prepare journal entries for each sale, including sales tax, and the remittance of all sales tax to the tax board on October 23. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. Sept. 2   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6     fill in the blank 8 fill in the blank 9 Sept. 6   fill in the blank 11 fill in the blank 12     fill in the blank 14 fill in the blank 15     fill in the blank 17 fill in the blank 18 Oct. 23   fill in the blank 20 fill in the blank 21

Q: Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule…

A: Cash is an asset for the business so any increase in cash will be debited to cash account, similarly…

Q: Collected from customer on account on june15  June 15 : sold on account 350,00 to customer In other…

A: Collected from customer on account on june15  June 15 : sold on account 350,00 to customer In other…

Q: ABC Co sold merchandise to DEF Co for P120,000 and received P120,000 for that sale one month later.…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: ter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule…

A: Cash receipts journal in business shows all cash received during the particular period.

Q: Zaytouta restaurant doesn't segregate sales and sales taxes. its register total for 25/05/2020 was…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: During the month of September, the following transactions occurred. The applicable sales tax rate is…

A: Journal entries: Journal entries record the transactions of a business. It presents transactions…

Q: Sales Transactions J. K. Bijan owns a retail business and made the following sales on account during…

A: There has been a sales tax of 6% on the sale which has been made by the company and it has been…

Q: During the month of September, the following transactions occurred. The applicable sales tax rate is…

A: Journal is the first place where a transaction is recorded. It contains record of transaction…

Q: Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule…

A: Date Account credited Accounts Receivable Credit Sales Credit Sales Tax payable Credit Cash Debit…

Q: Ned's Sheds purchases building materials from Timbertown Lumber for $3,700 with terms of 4/15, n/30.…

A: Note payable refers to a negotiable instrument. It represents the claim amount due to the acceptor.…

Q: A shopkeeper sells an article at its marked price RO 7500 and charges sales-tax at the rate of 12%…

A: Formula: Tax amount = Tax percent x sale value Multiplying tax percent with sale value derives the…

Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…

A: A Journal entry is a primary entry that records the financial transaction initially. The…

Q: On March 25, Osgood Company sold merchandise on account, $4,200 terms n/30. The applicable sales tax…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Sales Transactions J. K. Bijan owns a retail business and made the following sales on account during…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous…

A: Solution: Journal entry to record revenue is as under:

Q: On January 10th, Gates Gems received merchandise they purchased on account from Jewelry Wholesalers…

A: Purchases are debited at the time of purchase. When merchandise is returned an allowance entry is…

Q: Michael, a sales tax registered trader, sells goods on credit to Darren for $880 plus sales ta:…

A: We have the following information: Goods sold for $880 Sales Tax of 20% is to be charged on Sales

Q: Clayco Company completes the following transactions during the year. July 14 Writes off a $750…

A: 1.

Q: Sunland Auto Supply does not segregate sales and sales taxes at the time of sale. The register total…

A: Solution  1: Sales = Total amount / 110% = 55000 / 110%  = $50000 Sales tax payable = sales * 10%  =…

Q: Sales Transactions J. K. Bijan owns a retail business and made the following sales on account during…

A: General Journal Date Description  Post. Ref. Debit ($) Credit ($) Aug 1 Accounts Receivable/…

Q: Elegant Electronics sells a cellular phone on September 2 for $439. On September 6, Elegant sells…

A: Total sale = Sale of cellular phone on September 2 + Sale of cellular phone on September 6 = 439+353…

Q: on may 28, talbot of boston sold forrest of los angeles 7,700 of fine clothes. terms were 5/10 eom…

A: Concept: 5/10 EOM means the 5% discount will be given if the full amount is paid in 10 days after…

Q: Triton Publishing completed the following transactions during 2018. Journalize the transactions (…

A: Single Compound entry: It is the entry which involve more than one debit or credit entry and it is…

Q: 10% sales tax.

A: Calculate Sales tax Payable as follows: Sales tax  Payable=Sales100+ Taxrate×Tax rate…

Q: Elegant Electronics sells a cellular phone on September 2 for $374. On September 6, Elegant sells…

A: Taxes are the amount of dues that needs to be paid by individual or business to the government. This…

Q: During the month of September, the following transactions occurred. The applicable sales tax rate is…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Capital, a business magazine, collected $480,000 in subscription revenue on May 31. Capital earns a…

A: Formula: Unearned revenue = Revenue collected x (Remaining months in a year / 12 months) Number of…

Q: On October 12, Equipment Incorporated sells $53,000 worth of equipment on account to a credit…

A:

Q: Compute sales taxes payable. Sales taxes payable   $             Make the entry to record sales…

A: Sales Tax:   Sales tax is the tax amount paid by a company to a governing body for the amount of…

Q: When Lowes Home Improvements sells a new $223 air compressor to a customer, the sale is subject to…

A: Interest expense is a non-operating expense shown on the income statement. It represents interest…

Q: legant Electronics sells a cellular phone on September 2 for $480. On September 6, Elegant sells…

A: Working Note; Sales tax payable (2nd Sept.)=Sale amount×Tax rate=$480×4%=$19.2

Q: On May 1, RVQ Company sold goods for P6,000 on terms of 2/10, 1/15, n/30. Customer made a partial…

A: Introduction: Credit sales: Goods are sold on credit base to the customers called as Credit sales.…

Q: SA Traders operates as a hardware store and is a registered VAT vendor. The applicable tax rate is…

A: VAT exclusive amount = VAT inclusive amount / ( 1 + VAT rate ) VAT amount = VAT exclusive amount *…

Q: Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: Stung, which is registered for the purposes of sales tax, bought furniture on credit terms at a cost…

A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

Q: Elegant Electronics sells a cellular phone on September 2 for $491. On September 6, Elegant sells…

A: Cash collected from sales includes actual sales and the sales tax collected on behalf of the govt.

Q: Coronado Auto Supply does not segregate sales and sales taxes at the time of sale. The register…

A: 1. Computation of sales tax payable:        Hence, sales tax payable is $3,200

Q: Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule…

A: Cash receipts journal: This journal is used for recording cash transactions of a business which…

Q: The following are purchase transactions on account of JC Clothing Store for the month of June.…

A: A) & C) Purchase Journal: Date Suppliers Particulars Terms Invoice Number Net VAT @ 12% Gross…

Q: Suppose Casey Title Company normally charges $500 for services related to selling a house. As part…

A: Revenue means the amount earned by selling the goods or services. Trade discount means the services…

Q: Stung, which is registered to account for sales tax, purchased furniture on credit at a cost of…

A: We have the following information:  purchased furniture on credit at a cost of $8,000  also…

Q: Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900).…

A: Sales Tax - Sales Tax is the tax collected on the sales made by the company from the customer. It is…

Q: Prepare journal entries for each of the following sales transactions by Elegant Electronics,…

A: Sale tax is the tax levied on sale of goods. Sale tax paid on purchases can be booked as receivable…

Q: Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Sheffield Auto Supply does not segregate sales and sales taxes at the time of sale. The register…

A: Sales tax: Tax imposed on the goods sold called sales tax.

Q: On February 15, 2021 Parker Company sells 1,000 books at $10 each on account to Nobes Company with…

A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…

Q: GAS" Company does not segregate sales and sales taxes at the time of sale. The sales register total…

A: Sales and Sales tax both are different, sales is a part of revenue whereas Sales tax is a part of…

Q: Zom Inc. makes a sale for $400. The company is required to collect sales taxes amounting to 9%, What…

A: Sales taxes payable account is a current liability for the company that has been collected by the…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.