Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

E11-14 Recording sales tax Consider the following transactions of Sapphire Software Mar 31 Recorded cash sales of $230,000, plus sales tax of 7% collected for

image text in transcribed
E11-14 Recording sales tax Consider the following transactions of Sapphire Software Mar 31 Recorded cash sales of $230,000, plus sales tax of 7% collected for the state of New Jersey Apr. 6 Sent March sales tax to the state Journaline the transactions for the company. Ignore cost of goods sold. E11-15 Recording note payable transactions Consider the following note payable transactions of Creative Video Productions 2017 Aug.1 Purchased equipment costing 516,000 by issuing a one-year, 9% note payable Dec. 31 Accrued interest on the note payable. 2018 Aug. 1 Paid the note payable plus interest at maturity Journalize the transactions for the company E11-16 Recording and reporting current liabilities Watson Publishing completed the following transactions during 2018: Oct. 1 Sold a six-month subscription (starting on November 1). collecting cash of $240, plus sales tax of 8%. Nov. 15 Remitted (paid) the sales tax to the state of Tennessee. Dec. 31 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Journalize the transactions (explanations are not required). Round to the nearest dollar E11-17 Journalizing current liabilities Erin O'Neil Associates reported short-term notes payable and salaries payable as follows: 2018 2017 Current Liabilities--partial: Short-term Notes Payable Salaries Payable $ 16,900 $ 16,000 3,400 4,000 During 2018, O'Neil paid off both current liabilities that were left over from 2017, borrowed cash on short-term notes payable, and accrued salaries expense. Journalire all four of these transactions for O'Neil during 2018. Assume no interest on short-term notes payable of $16,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_step_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: John Wild, Ken Shaw

6th Edition

ISBN: 9781259726972

More Books

Students also viewed these Accounting questions