Rouxdy Co. sold 2000 printers for $80 each. The sales tax rate is 8.5%. They...
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Accounting
Rouxdy Co. sold 2000 printers for $80 each. The sales tax rate is 8.5%. They estimate that 3.5% will be defective and the cost to repair them will be $50 each. During the year they honored 10 warranty contracts.
Journalize the sale
Estimate and record Warranty Expense
Record the honoring of the warranty contracts
Kameron works for Addidas Company. For the month ended March 31, Kameron earned $7,000. FICA taxes are 7.65%, state income taxes to be withheld totaled $350.00. Federal income taxes withheld totaled $525.00. His health insurance is $20.00, and he contributes 7% of his gross pay into his retirement account.
Prepare the journal entry to record Kamerons earnings.
b. Prepare the journal entry to record Addidas Co.s payment to Kameron
On June 1, Addidas Co. sold 15,000 yearly subscriptions of its monthly magazine to customers for $22.00 each. Customers received their first subscription of the magazine July 1. Prepare the journal entries for June 1 and July 1.
Journalize the issuance of magazines for August, September, and October (refer to item #3).
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