Flounder Corporation made credit sales of $30,600 which are subject to 5% sales tax. The corporation also made cash sales which totaled $19,635 including the 5% sales tax. (a) Prepare the entry to record Flounder's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
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- Cheyenne Corporation made credit sales of $30,600 which are subject to 7% sales tax. The corporation also made cash sales which totaled $10,593 including the 7% sales tax. (a) Prepare the entry to record Cheyenne's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Accounts Payable Cash Debit CreditYour roommate says, “Sales taxes are reported as an expense in the income statement.” Do you agree? Agree or Disagree Jensen Company has cash proceeds from sales of $8,400. This amount includes $400 of sales taxes. Give the entry to record the proceeds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit CreditMonty Company does not segregate sales and sales taxes on its cash register. Its register total for the month is $1,543,300, which includes a 10% sales tax.Compute sales taxes payable, and make the entry to record sales and sales taxes payable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Sales taxes payable $enter the amount of sales taxes payable in dollars
- Ayayai Corporation made credit sales of $27,000 which are subject to 5% sales tax. The corporation also made cash sales which totaled $23,940 including the 5% sales tax. Prepare the entry to record Ayayai's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Accounts Receivable Sales Revenue Sales Taxes Payable List of Accounts Debit 28350 Credit 27000 1350Indigo Corporation made credit sales of $19,800 which are subject to 7% sales tax. The corporation also made cash sales which totaled $28,462 including the 7% sales tax. (a) Your answer is partially correct. Prepare the entry to record Indigo's credit sales. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Cash Sales Revenue Sales Tax Payable Debit 28462 Credit 26600 1862Sheffield Inc factors receivables with a carrying amount of $233,500 to Joffrey Company for $178,600 on a with recourse basis. The recourse provision has a fair value of $2.870. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Sheffield Inc. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries Account Titles and Explanation Debit Credit
- Sheridan Bikes Ltd. reports pre-tax cash sales of $4,400 on October 1. (a) Record the sales assuming they are subject to 13% HST. (b) Record the sales assuming they are subject to 5% GST and 9.975% QST. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to O decimal places, e.g. 5,275.) No. Date Account Titles (a) (b) Oct. 1 Oct. 1 Cash Sales Sales Tax Payable Cash Sales Sales Tax Payable 11 Debit 11 Credit 4400 4400Splish Brothers Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $16,960. All sales are subject to a 6% sales tax. Compute sales taxes payable. Sales taxes payable $ Make the entry to record sales taxes payable and sales. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Mar. 16 Debit CreditBlossom Co. uses the gross method to record sales made on credit. On June 1, 2025, it made sales of $62,000 with terms 3/15, n/45. On June 12, 2025, Blossom received full payment for the June 1 sale. Prepare the required journal entries for Blossom Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit 10 Credit
- 3. Victoria Company purchases the accounts receivable of other companies on a without recourse, notification basis under a regular factoring. At the time the receivables are factored, 15% of the amount factored is charged to the client as commission and recognized as revenue in Victoria's books. Also, 10% of the receivables factored is withheld by Victoria as protection against sales returns or other adjustments. This amount is credited by Victoria to the Client's Retainer account. At the end of each month, payments are made by Victoria to its clients so that the balance in the Client's Retainer account is equal to 10% of unpaid factored receivables. Based on Victoria's doubtful accounts expense experience, an allowance for doubtful accounts of 5% of all factored receivables is to be established. Victoria makes adjusting entries at the end of each month. On January 3, 2021, Anthony Company factored its accounts receivable totaling P1,000,000. By January 31, P800,000 on these…Ivanhoe Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $18,900. All sales are subject to a 5% sales tax.(a1) Compute sales taxes payable. Sales taxes payable (a2) Give the journal entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit March 16Pyramid Corporation is assessed a $40 fee as the result of a $126 NSF check received from a customer for services purchased on account. Neither the fee nor the NSF check has been accounted for on Pyramid’s books.Required:Record the appropriate journal entry to update Pyramid’s books.