User Account

All Pages

What is the journal entry to record these sales

Assignment Help Accounting Basics
Reference no: EM132559183

Question - Peterson Company collects sales taxes at the time of sale for the state. The state has a 7% sales tax rate. If Peterson has $11,000 of cash sales, what is the journal entry to record these sales?

a. Debit Cash $11,000; credit Sales $11,000; and record the taxes when paid.

b. Debit Cash $11,000; credit Sales $10,230; credit Sales Taxes Payable $770.

c. Debit Cash $11,770; credit Sales $11,000; credit Sales Taxes Payable $770.

d. Debit Accounts Receivable $11,770; credit Sales $11,000; credit Sales Taxes Payable $770.

e. Debit Sales Taxes Payable $770; debit Cash $10,230; credit Sales $11,000.

Reference no: EM132559183

Questions Cloud

Compare that to initial investment : What stock did you buy? Why did you think buying this stock would be a good idea?
Prepare the journal entry to record the reimbursement : Spencer Co. has a $260 petty cash fund. The fund has a balance of $42. Prepare the journal entry to record the reimbursement of the account
Explain purpose of community supervision : Explain the purpose of community supervision. Describe the difference between probation and parole and how the decision to grant each is made.
Calculate direct labour efficiency variance for the company : Calculate the Direct labour efficiency variance for the company and explain the (potential) reason(s) for any variance (favorable or unfavorable)
What is the journal entry to record these sales : The state has a 7% sales tax rate. If Peterson has $11,000 of cash sales, what is the journal entry to record these sales
Give an application of barometric forecasting : Give an application of 'barometric forecasting' in any Indian state government?
Institutional and community based human services : Future trends pertaining to the development and operation of institutional and community based human services.
What are monthly fixed costs and variable costs : What are monthly fixed costs and variable costs for this company?
What is the maximum transfer price for xyz division : What is the maximum transfer price for XYZ Division? Show calculations. What is the minimum transfer price for MNO Division? Show calculations.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Pros and cons of separating and integrating

Discuss pros and cons of "separating" and "integrating" the sourcing and logistics functions. Examine whether this BPM project of Gap led to the right decision to split them.

  Calculate the intrinsic value and the time value

Calculate the intrinsic value and the time value of this option

  What smaller scholarship can be awarded

What smaller scholarship can be awarded the year prior to the rst $5; 000 scholarship?  In what year can the rst $5; 000 scholarship be made?

  Calculate the beginning inventory in process

Calculate the beginning inventory in process for (a) direct material equivalent units and (b) the conversion equivalent units

  Which if any of the obstacles to moral behavior

Read again the account of BF Goodrich, Lawson and Vandivier. Which if any of the obstacles to moral behavior do you see operating in the BF Goodrich situation?

  Prepare stellars income statement beginning with income

Stellar Corporation had income before income taxes of $192,500 in 2017. Prepare Stellar's 2017 income statement, beginning with Income before income taxes.

  Determine the amount of intra-entity profit at the end

Determine the amount of intra-entity profit at the end of 20X1.

  What is the definition of a liability

XYZ is marketing a new product at the end of 2015. The product will sell for $4 per unit and costs $3 per unit to manufacture. As a marketing incentive.

  Statistics examination with a group of classmates

You are planning to study for your statistics examination with a group of classmates, one of whom you particularly want to impress. This individual has volunteered to use Excel or Minitab to get the needed summary information, tables, and charts f..

  Calculate the cash received for service revenue

The income statement for 2014 shows the following: Interest Revenue $17,500. Calculate the Cash received for service revenue

  Spreadsheets are great for budgets financial statements

Although you can use a spreadsheet to set up tables of just textual information, Excel's real usefulness lies in its ability to calculate formulas (and recalculate them automatically when values change).

  Joe ringworth factory supervisor at winger enterprises had

joe ringworth factory supervisor at winger enterprises had been attending night classes to earn a degree in business.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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