Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. journalize the entries to record the following sel

Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts...

60.1K

Verified Solution

Question

Accounting

Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $63,600 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $37,900. B. Paid $39,020 to the state sales tax department for taxes collected.

image

image

Journalize the entries to record the selected transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles.

image

Chart of Accounts General Ledger ASSETS REVENUE 410 Sales 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment 610 Rent Revenue EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A) Without doing any calculations (just compare the correct Ksp values) complete the following statements: 1. calcium sulfide...

Chemistry
Q

Linear charge density of arc is and total angle a Derive an expression for potential...

Physics
Q

A coil of inductive reactance 3192 has a resistance of 8 2 It is placed...

Physics
Q

The statement of cash flows explains__ a:why the net income on the income statement does...

Accounting
Q

5. Complete the first three lines of the summary cash budget. Then do the analysis...

Accounting
Q

Can someone please check if my answers are correct? Thank you! ...

Accounting
Q

On 31/12/2019 ALIS Company has equipment with initial cost of $70,000 and accumulated depreciation of...

Accounting
Q

Feedback Check My Work Add the accounts into the aging schedule based on their number...

Accounting
Q

Just need the answers to the spaces with the red X's. Estimating Share...

Accounting
Q

Q2 Hungh Company had the following transactions pertaining to short-term investments in equity securities. Jan....

Accounting
Q

The following information as to earnings and deductions for the weekly pay period ended March...

Accounting
Q

Old Country Links, Inc. produce salchichas en tres departamentos de produccin: mezcla, envoltura y curado,...

Accounting