How would you journalize the entry in this case

Assignment Help Accounting Basics
Reference no: EM133162978

Question - Taksim Inc. reports the following balances, PST Payable, $900 GST Payable, $400; GST Receivable, $245 on December 31. In January 2021, pays the Federal Government the net amount owing regarding GST owing from December. How would you journalize the entry in this case? Show the appropriate calculations!

Reference no: EM133162978

Questions Cloud

What sales are needed by sheridan to break even : Sheridan Company sells MP3 players for $80 each. Variable costs are $55 per unit, and fixed costs total $120000. What sales are needed by Sheridan to break even
Advertising-media and branding : What does the Target Group psychographic profile mean? Explain your Brand's target group psychographic profile.
Calculate the cost of new building for twilight corporation : Question - Twilight Corporation made a real estate purchase on April 1, 2021. Calculate the cost of the new building for Twilight Corporation
Explain the organizational politics : 1. What do you understand by the term organizational politics? Discuss three (3) types of circumstances that may give rise to political behaviors in organizatio
How would you journalize the entry in this case : Taksim Inc. reports the following balances, PST Payable, $900 GST Payable, $400; How would you journalize the entry in this case
French enlightenment writer : Voltaire, a French Enlightenment writer, historian, and philosopher famous for his wit as well as his criticism of Christianity wrote, "No snowflake in an avala
Compute the asset retirement obligations : The land restoration will cost $ 5,000,000. Antimony uses a 6% discount rate. Compute the Asset Retirement Obligations
How treats network tell us : How treats network tell us? In the event that you refuse to compromise and get a significant decrease in the vehicle value
Content of the orientation program : You are the HR manager of a manufacturing facility that is about to expand to a second shift, which means hiring about 30 new production workers who will all st

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine initial public offering value of facebook stock

Evaluate the valuation and method used to determine the Initial Public Offering value of Facebook stock

  When he learns about the budget director''s idea

What should the comptroller do when he learns about the budget director's idea?

  Discuss why it is appropriate for happlia to use this method

What general criteria should Happlia use to determine inventory carrying amounts at December 31, 2011?

  Journalize the issuance of the stock

On May 10, Mazili Corporation issues 2,000 shares of $10 par value common stock for cash at $18 per share. Journalize the issuance of the stock.

  What the days sales in inventory during the year was

Cost of goods sold of $4,500,000 for the year. The average inventory for the year amounted to $1,500,000. The days sales in inventory during the year was

  Prepare the stockholders equity section of the balance sheet

The stockholders' equity accounts of Cyrus Corporation on January 1, 2017, were as follows. Prepare the stockholders' equity section of the balance sheet

  Compute average collection period for both companies

Calculate the accounts receivable turnover and average collection period for both companies. Comment on the difference in their collection experiences.

  Where can you manage your settings for wholesale billing

Where can you manage your settings for Wholesale Billing? In QuickBooks Online, how does your client give you access as an Accountant user?

  If there is a firm with assets that will convert to cash in

if there is a firm with assets that will convert to cash in the next 12 months in excess of its obligations to pay cash

  How many pounds of direct materials should be purchased

Baker Company has a policy of having sufficient direct materials, How many pounds of direct materials should be purchased in the month of June?

  Compute the total factory overhead cost variance

Frogue Corporation uses a standard cost system. Standard fixed factory overhead rate $1.20 per labor hour. Compute the total factory overhead cost variance

  Calculate the change in net profit percentage

Cilia Corporation specializes in the production of door knobs, which are mostly sold within its territory. Calculate the change in net profit percentage

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd