Make journal entries to record the following transactions. Explanations are not required. May 31 Recorded cash sales

Question:

Make journal entries to record the following transactions. Explanations are not required.

May 31 Recorded cash sales of $420,000 for the month, plus sales tax of 5% collected for the state of Maine. Ignore cost of goods sold.

Jun 6 Sent May sales tax to the state.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 978-0133052152

2nd edition

Authors: Robert Kemp, Jeffrey Waybright

See More Books

Question Posted: Apr 29, 2014 02:56 AM

See More Questions

Make general journal entries to record the following transactions of Mehta Products for a two-month period: Jun. 30 Recorded cash sales of $115,000 for the month plus PST of 8 percent collected on...
Make general journal entries to record the following transactions of Mehta Products for a two-month period. Explanations are not required. Jun. 30 Recorded cash sales of $115,000 for the month, plus...
Required Prepare General Journal entries to record the following transactions of Leduc Company: 2014 Dec 11 Accepted a $15,000, 6%, 60-day note dated this day in granting Fred Calhoun a time...
What do you think people would say about Corrie from the few quotes we have from her book? What was her personality like? Do you think she handled her incarceration differently than Elie Wiesel?...
Find for the following forms of A(T). Do the results make sense? In general, assuming A(0) = 0. c A(T) im472 lim-
Some news organizations maintain a database of customers who have volunteered to share their opinions on a variety of issues. Suppose that one of these databases includes 9000 registered voters in...
If the actual termination of a project is a project in itself, how is it different from other projects? LO4
Mons Weatherby owns a sports brokerage agency and sells tickets to major league baseball, football, and basketball games. He also sells sports travel packages that include game tickets, airline...
During 2020, Jill, age 39, participated in a Section 401(k) plan which provides for maximum employee contributions of 12 percent. Jill's salary was $80,000 for the year. Jill elects to make the...
In the future, when everyone has a home terminal connected to a computer network, instant public referendums on important pending legislation will become possible. Ultimately, existing legislatures...
Success Magazine, Inc., includes the following selected accounts in its general ledger at December 31, 2012: Prepare the liabilities section of Success Magazines balance sheet at December 31, 2012,...
Record the following note payable transactions of Cigliano, Corp., in the companys journal. Explanations are not required. 2012 Nov 1 Purchased equipment costing $28,000 by issuing a one-year, 9%...
Use the data of Table 4.3 to estimate the effective raindrop radius, number density and sedimentation rate for rain rates of 1 and 100 mm/hr, assuming that all the drops are spherical and have the...
Brian is considering increasing the length of the cryptographic keys used by his organization. If he adds 8 bits to the encryption key, how many more possible keys will be added to the key space for...
Business law SECHON A [100 Marks] Read the scenario below then answer the questions that follow. Contracts are of critical importance especially in daily commercial and business transactions....
You may assume that the production costs to the winery are the same for each of the possible wines, despite the differences in volumes with some of the possible wines. Thus maximizing revenue will be...
You encounter a split system that uses R-22 refrigerant and observe the following refrigeration parameters from the unit's control display. The unit is operating in cooling mode. Suction pressure:...
A refrigerant at -20C is flowing through a 4" schedule 40 carbon steel pipe (inner diameter 102 mm, outer diameter 114 mm); the heat transfer coefficient for the refrigerant is 2500 W/m/K. It is...
What are the four major asset classes?
To help you become familiar with the accounting standards, this case is designed to take you to the FASBs Web site and have you access various publications. Access the FASBs Web site at...
The following extracts are taken from the day books of David Conlon for the three months ended 30 June 2004. Additional information: (i) As at 1 April 2004 there was a debit balance in the VAT...
Why are most large companies like Microsoft, PepsiCo, Caterpillar, and AutoZone organized as corporations?
Why are most large companies like Microsoft, PepsiCo, Caterpillar, and AutoZone organized as corporations?
Describe the difference between an account receivable and an account payable.
You are the digital marketing director for High West fashions, a regional clothing company that specializes in custom t-shirts. Your company has decided to launch an online advertising campaign that...
In-the-money put options will automatically get exercised at the expiration. True OR False
Which of the following examples of business-use property is NOT eligible for Section 1231 treatment when sold at a gain? * Sale of land held for three years. Net gain from a casualty gain on a dump...

Make journal entries to record the following transactions. Explanations are not required. May 31 Recorded cash sales

Question:

Step by Step Answer:

Journal DATE ACCOUNTS POST REF Dr Cr Ma...View the full answer

Financial Accounting

Students also viewed these Accounting questions