Prepare the entries to record the sales transactions

Assignment Help Cost Accounting
Reference no: EM13531911

In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales.

1. Duvall Company rings up sales and sales taxes separately on its cash register. On April 10, the register totals are sales $22,000 and sales taxes $1,100.

2. Hubbard Company does not segregate sales and sales taxes. Its register total for April 15 is $13,780, which includes a 6% sales tax.

Instructions

Prepare the entries to record the sales transactions and related taxes for (a) Duvall Company and (b) Hubbard Company.

Reference no: EM13531911

Questions Cloud

Considered to be evidence that species are related : Which of the followingis (are) considered to be evidence that species are related?
Record the companys payroll tax expense : Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April.
How to decomposes samples of water into hydrogen and oxygen : A chemist decomposes several samples of water into hydrogen and oxygen and weighs the hydrogen and oxygen obtained. The results are: 1) 1.5g H and 12g O 2) 2g H and 16g O 3) 2.5g H and 20g O.
Highest amount of chemical energy : Which of the following molecules has the highest amount of chemical energy that can beconverted into ATP
Prepare the entries to record the sales transactions : Prepare the entries to record the sales transactions and related taxes for (a) Duvall Company and (b) Hubbard Company.
Explain what must be the reaction temperature : What must be the reaction temperature if a rate of 1.000 x 10^-9 M/s is required and [C] must be kept at 0.03000M. What must be the value of k to achieve the necessary rate?
Determine the resulting aminoacid sequence : Translation: During protein synthesis at theribosome, the base sequence of the mRNA codons is translated to theamino acid sequence of a protein. Using the mRNA that you transcribedabove, use the genetic code table to determine the resulting aminoaci..
Prepare the journal entry to record interest expense : Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2012, assuming no previous accrual of interest.
What is the magnitude of the unknown force in newtons : A mass of 6 kg lies on a horizontal, frictionless floor. A force of 85 Newtons pushes to the left (negative x direction) with a force of 85 Newtons. What is the magnitude of the unknown force in Newtons

Reviews

Write a Review

Cost Accounting Questions & Answers

  The cpa firm of which you are a manager has placed you in

the cpa firm of which you are a manager has placed you in charge of the audit of the thornburg school district.the

  On september 21 2008 the lopez co issues 1000000 of bonds

on september 21 2008 the lopez co issues 1000000 of bonds having a coupon rate of 6. to help the sale detachable stock

  Determine cost of raw materials purchased

Determine Cost of raw materials purchased and direct labor costs charged to production

  How are these standards regulated

Evaluate and summarize the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). Why is this important? How will it be implemented? How are these standards regulated? Who r..

  The business cuella-ro

The business CUELLA-RO S.A. has the following data related to its equity structure in 2009. Define six strategies for it to change from situation A to objective situation B, desirably for 2010.

  Questionrequired gh company is trying to decide whether to

questionrequired gh company is trying to decide whether to replace a existing piece of machinery with a new machine.

  Find effect will the trashing option

Consider the alternative to trashing is choosing the more profitable of the two alternatives (that the new employee looked at and did not like). Find effect will the trashing option (that the new employee wants) have on net income

  Calculate the fair value of the controlling interest

Calculate the fair value of the controlling interest and the noncontrolling interest in Magnolia as of January 1, 2009 and prepare a schedule for allocating the excess of investment cost (fair value) over the book value.

  Calculate total budgeted overhead cost of each production

Using the following methods, apply overhead from the service departments to the production departments and calculate the total budgeted overhead cost of each production department after the allocation.

  What price must you expect evco stock to sell

Assume Evco, Inc., has a current stock price of $50 and will pay a $2 dividend in one year; its equity cost of capital is 15%. What price must you expect Evco stock to sell for immediately after the firm pays the dividend in one year to justify it..

  How must an auditor address fraud in the planning stage

The audit of a financial report includes the initial approach of addressing fraud. How must an auditor address fraud in the planning stage?

  Your organization city rehab has been approached by an mco

your organization city rehab has been approached by an mco looking for an exclusive arrangement for the rehabilitation

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