E 13-5 During the month of June, Buffalo Boutique had cash sales of $323,400and credit sales of
Question:
During the month of June, Buffalo Boutique had cash sales of $323,400and credit sales of $186,270, both of which include the 5% sales tax that must be remitted to the state by July 15.
Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements.(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 amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
June 30
E 13-10
WaterwayCompany sold196color laser copiers on July 10, 2017, for $3,670apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $319.
Prepare entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2017. Actual warranty costs (inventory) incurred in 2017 were $17,370.(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 amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jul. 10, 2017
During 2017
Dec. 31, 2017
Jul. 10, 2017
During 2017
Dec. 31, 2017
Jul. 10, 2017
During 2017
Dec. 31, 2017