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It's a problem, each question is related to the other. They should be answered all together On October 1, Mark Company borrows $50,000 from National
It's a problem, each question is related to the other. They should be answered all together
On October 1, Mark Company borrows $50,000 from National Bank on a 4- month, $50,000,6% note. The company prepares its financial statements annually. The maturity date of a 75-day note borrowed on March 15, 2020 is: * May 28, 2020 May 29, 2020 May 30, 2020 None of the above A cash register tape shows cash sales of $1,500 and sales taxes of $120. The journal entry to record this information is * Debit cash and credit sales of $1,620 Debit cash of $1,620 and credit sales tax payable $120 and sales $1,500 Debit cash of $1,500 and sales tax expense $120 and credit sales $1,620 None of the above Linda's Boutique has total receipts for the month of $29,295 including sales taxes. If the sales tax rate is 5%, what are Linda's sales taxes for the month? * $27,831 $27,900 $29,295 None of the above A company receives $174, of which $14 is for sales tax. The journal entry to record the sale would include a * Debit to Sales Tax Expense for $14 Debit to Sales for $174 Debit to Cash for $174 None of the above Sales taxes remitted to the government are recorded by * Debiting Sales Taxes Expense Crediting Sales Taxes Payable Debiting Sales Taxes Payable None of the above ARE Company sells 3,000 units of its product for $500 each. The selling price includes a one year warranty on parts. It is expected that 3% of the units will be defective and that repair costs will average $150 per unit. In the year of sale, warranty contracts are honored on 40 units. What amount should ARE Company register for repair costs? * $3,000 $2,000 $1,000 None of the aboveStep by Step Solution
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