During the first quarter of 2021, a company sold on credit, 2,000 truck tires at $85 each plus harmonized sales tax (HST) of 13%. The HST is paid to the federal government. Prepare the following journal entries a) On March 31, to record the sale of truck tires in the first quarter. b) On April 30, to record payment of first quarter sales taxes to the government.
During the first quarter of 2021, a company sold on credit, 2,000 truck tires at $85 each plus harmonized sales tax (HST) of 13%. The HST is paid to the federal government. Prepare the following journal entries a) On March 31, to record the sale of truck tires in the first quarter. b) On April 30, to record payment of first quarter sales taxes to the government.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 3RE: Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that...
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During the first quarter of 2021, a company sold on credit, 2,000 truck tires at $85
each plus harmonized sales tax (HST) of 13%. The HST is paid to the federal government.
Prepare the following journal entries
a) On March 31, to record the sale of truck tires in the first quarter.
b) On April 30, to record payment of first quarter sales taxes to the government.
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