Journalize the transaction to record the payment

Assignment Help Accounting Basics
Reference no: EM131786083

On july 5, the mayer corporation recorded sale of merchandise inventory on account $30,000. The sale were subject to sales tax of 6%. On august 15, the moyer company paid 1000 of sales tax to state

Requirements:

1: Journalize the transaction to record the sale on July 5. Ignore cost of good sold

2: Journalize the transaction to record the payment of sales tax to the state.

Reference no: EM131786083

Questions Cloud

Calculate the contribution margin per package : Calculate the contribution margin per package. Determine the break-even point in units for Product A and Product B.
How do you think tata groups recent adoption of eva : How do you think Tata Group's recent adoption of EVA as a performance management tool is likely to influence the way in which it allocates investment.
Probability that an accidental death was from a fall : Accidental deaths In 2006, the death rate from motor vehicle accidents was 14.9 per 100,000 people and the death rate from falls was 7.1 per 100,000 people.
What use is nokias statement of strategy as outlined : In relation to each of the "multiple roles of strategy" outlined above, what use (if any) is Nokia's statement of strategy as outlined in Strategy Capsule 1.7?
Journalize the transaction to record the payment : Journalize the transaction to record the payment of sales tax to the state.
Find the probability that exactly two are tails : If you can, please give me the detailed explanations with formulas because I am newbie at Stat. Thank you so much!
What is your career strategy for the next five years : To what extent does your strategy fit with your long-term goals, the characteristics of the external environment and your own strengths and weaknesses?
Discuss what would be the amounts related to the note : What would be the amount(s) related to the note that Merit would report in its statement of cash flows for the year ended December 31, 2013
Provide a concise description of madonnas career strategy : You have noted that a firm's strategy can be described in terms of the answers to two questions: "Where are we competing?"

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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