The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of RO 1,100 (sales tax rate of 5%), the journal entry for this transaction is Select one: O a. Sales Revenue 22,000 Cash 22,000 O b. Cash 23,100 Sales Revenue 22,000 Sales tax payable 1,100 Sales Revenue 23,100 Cash 22,000 Sales tay navablo 100
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- July 1. Sold merchandise on account to Larita, Rp. 33,450,000, terms FOB shipping point, n/EOM. The cost of merchandise sold was Rp. 20,000,000. July 2. Sold merchandise for Rp. 86,000,000 plus 8% sales tax to retail cash customers. The cost of merchandise sold was Rp. 51,600,000. July 5. Sold merchandise on account to PT Pesona, Rp. 17,500,000 terms FOB destination, 1/10, n/30. The cost of merchandise sold was Rp. 10,000,000. July 8. Sold merchandise for Rp. 112,000,000 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was Rp. 67,200,000 July 13. Sold merchandise to customers who used MasterCard Rp. 96,000,000. The cost of merchandise sold was Rp. 57,600,000. July 14. Sold Merchandise on account to Hadi Putra, Rp. 16,000,000, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was Rp. 9,000,000. July 15. Received check for amount due from PT. Pesona for sale on July 5. July 16. Issued credit memo for Rp. 3,000,000 to Hadi Putra for…A seller of goods had the following details of sales and collection during the month: Receivables, beginning P 200,000.00 Gross sales 400,000.00 Less: Collection 500,000.00 Receivables, end P 100,000.00 1. What is the amount subject to business tax? a. P500,000 b. P400,000 c. P300,000 d. P200,000 2. In the immediately preceding problem, determine the amount subject to business tax if the taxpayer is a seller of services. a. P500,000 b. P400,000 c. P300,000 d. P200,000The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of RO 1,100 (sales tax rate of 5%), the journal entry for this transaction is Select one: O a. Sales Revenue 22,000 Cash 22,000 O b. Cash 23,100 Sales Revenue 22,000 Sales tax payable 1,100 O C. Sales Revenue 23,100 Cash 22,000 Sales tax payable 1,100 直 0 اكتب هنا ل لبحث
- D. The following selected account balances were taken from the records of J. Gucela Company, for the month of January 20B. (VAT of 12% is billed separately). Purchases P100,000 10,000 5,000 80,000 6,000 7,000 Purchase Returns & Allowances Purchase Discounts Sales Sales Returns and Allowances Sales Discounts 3 - Required: 1. Compute the Input Tax 2. Compute the Output Tax 3. Compute the Prepaid Tax 4. Entry to close the Output Tax to Input Tax 5. Where do we show the Prepaid Tax in the Financial Statements?Target Shoppers Inc. reported cash sales of $28,800 for the month of June. Sales taxes payable are recorded at the point of sale. a. Assume that sales are subject to a 6% sales tax. Record the sales entry.b. Now assume that the cash collected on sales includes the 6% sales tax. Record the sales entry. ● Note: Round your answers to the nearest whole dollar. Account Name Dr. Cr. a. To record the sale entry. b. To record the sale entry.Enter the following transactions in the General Journal. Calculate GST @ 5% and PST @ 6% on all transactions as applicable Note the following: o All amounts given are pre-tax values. o Discounts are determined on pre-tax amounts. 2 Bought merchandise on account from KFG Manufacturing, $7,500. Invoice #321. terms 2/10, n/30. July 4. Paid Johnson's Trucking for transporting the merchandise bought from KFG Manufacturing, $350. Paid by cheque #65. 4. Sold $435 worth of merchandise to Alfred Wren. He paid by cheque # 42. 4. A. Wren returned $65 worth of merchandise due to damage. A full cash refund was issued. 11. Paid KFG Manufacturing for Invoice #321. Cheque #66. 12. The owner of KFG Manufacturing withdraw cash of $500 from the business and took a used desk valued at $350. 15. Bought equipment for the store for $2650.00 16. Paid telephone expense $900 (include GST & PST)
- 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 BununoMerchandise with a sales price of $11,700 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O Credit to Sales for $11466 O Debit to Customer Refunds Payable for $234 O Debit to Accounts Recevable for $11,700 O Debit to Cash for $11,700 Previous Nex 一日一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 the above transactions? a.$24,990 b.$26,010 c.$25,500 d.$16,000
- Sales Tax A sale of merchandise on account for $17,400 is subject to a 7% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the amount credited to sales?$ (c) What is the amount debited to Accounts Receivable? If required, round your answers to the nearest cent.$ (d) What is the account to which the $1,218.00 is credited?Activity 2 Directions: Compute the uncollectible account expense using the percent of accounts receivable method. The following information needed in the computation of uncollectible accounts expense for March 2021 is available for Parkland Enterprises: Sales Cash Sales Accounts Receivable-ending 200,000.00 50,000.00 5,000.00 Assume that the company decided that five percent (5%) of accounts receivable are deemed uncollectible.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…