Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 23, 2024

June 26 All transactions that deal with a sale of cabinet components receive a 7% sales tax. Installation does not get a sales tax. Record

June 26

All transactions that deal with a sale of cabinet components receive a 7% sales tax. Installation does not get a sales tax.

Record the sale of cabinet components with a list price of $4,200, plus sales tax, to customer Chad Hana. Included in the invoice are installation charges of 4 hours at $100 per hour.

Would I write this journal entry as:

DR Cash 4894.00

CR Cabinet Sales 4200.00

CR Installation Revenue 400.00

CR Sales Tax Payable 294.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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 Principles Of Accounting II

Authors: Eric W. Noreen, Peter C. Brewer, Ray H. Garrison

6th Edition

0077681258, 978-0077681258

More Books

Students also viewed these Accounting questions

Question

★★★★★

Fumonisin B is a mycotoxin that inhibits the synthesis of dihydroceramide from sphinganine. When this inhibitor is added to cells in culture that actively synthesize spingoglycolipids, predict how...

Answered: 1 week ago

Question

★★★★★

List, describe, and provide examples of the various defenses available to a defendant charged with a business crime.

Answered: 1 week ago

Question

★★★★★

What are the possible problems that can arise when a simple linear regression model is used when (a) the explanatory variable is measured with error? (b) there is a nonlinear relationship between the...

Answered: 1 week ago

Question

★★★★★

You have been chosen to work on the BEV project which will require you to answer the following questions: (a) What are the major challenges and issues trucking companies face presently? (b) What...

Answered: 1 week ago

Question

★★★★★

A firm's bonds have a maturity of 8 years with a $1,000 face value, have an 8% semiannual coupon, are callable in 4 years at $1,049.33, and currentiy sell at a price of $1,095.56. What are their...

Answered: 1 week ago

Question

★★★★★

Assume that the expected inflation rate for Year 1 is 10%; for Year 2 is 9%; for Year 3 is 8%; and for Year 4 and thereafter is 2%. Assuming a real risk-free rate of 2.0% and a maturity risk premium...

Answered: 1 week ago

Question

★★★★★

Thoroughly respond to the prompts below. Enter your responses on a new line. 1. Analyze the project risk: What could cause the problem to occur? How can each problem be prevented? If the problem...

Answered: 1 week ago

Question

★★★★★

4. From the conservation of momentum equation below, write out the 2 scalar equilibrium equations for a 2-dimensional isotropic elasticity problem. ft pf = (2+) Fix +N+fXx + pl. fu fx, fx, fx, fx,...

Answered: 1 week ago

Question

★★★★★

Draw a circle representing one platter surface of a hard disk. On your drawing show an example of a track, of a sector, and of a block. 10.5 Draw a sector representing one platter surface of a hard...

Answered: 1 week ago

Question

★★★★★

Construct and submit the Future State VSM using seconds for TT , PT , and CT calculations. Make the map fit on one page by turning the page landscape. The map must be legible and professional. Based...

Answered: 1 week ago

Question

★★★★★

1) If you were worth $1 Million at the end of World War II, calculate how much you would need today to maintain the same purchasing power as in 1945? 2) How much would Rockefellar's fortune be worth...

Answered: 1 week ago

Question

★★★★★

1. Chip Conley, founder of Joie de Vivre Hospitality, believes that most companies frame their financial incentives in the wrong way. Explain what he means. What does JDV do differently?

Answered: 1 week ago

Question

★★★★★

1. Do you think Angelo is underperforming as a result of motivation or something else, such as the need for improved training? How would you find out?

Answered: 1 week ago

Question

★★★★★

2. Is it a good idea to give someone who is underperforming a raise? Does it send the wrong signal, insofar as it seems to suggest that poor performance leads to rewards?

Answered: 1 week ago

Previous Question Next Question