Assume that a Smart TV was sold for $13,000 cash plus 5 percent sales tax. The TV had originally cost Enesco $9,000. Assume Enesco LTD uses a perpetual inventory system.

1) Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign.)

ASSET

LIABILITIES

STOCKHOLDERS EQUITY

2) Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a) Record the sales revenue of $13,000 plus 5 percent sales tax.

b) Record the cost of goods sold of $9,000.

3) The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $54,000 but that employee income taxes totaling $7,400 and FICA taxes totaling $2,825 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts.

a) What was the amount of net pay?

b) Assuming the company must also pay $290 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?