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One question, has A,B,C to E. please answer all. thank you so much! A. B. C to E. The following selected transactions apply to Topeca
One question, has A,B,C to E. please answer all. thank you so much!
The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations, Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 1. Cash sales for November Year 1 were $64,000, plus sales tax of 7 percent 2. Topeco Supply paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December Year 1 were $79,500, plus sales tax of 7 percent. Required a. Record the preceding transactions in general Journal form. b. Show the effect of the preceding transactions on a horizontal statements model like the one shown next c. What was the total amount of sales tax paid in Year 12 d. What was the total amount of sales tax collected in Year 1? e. What amount of sales tax expense will be reported on the Year 1 income statement? Journal entry worksheet A . B > Cash sales for November Year 1 were $64,000, plus sales tax of 7 percent. Note: Enter debits before credits. Event General Journal Debit Credit 1 Journal entry worksheet Cash sales for December Year 1 were $79,500, plus sales tax of 7 percent. Note: Enter debits before credits. Event General Journal Debit Credit 3 Req A Red B Reg C to E Show the effect of the preceding transactions on a horizontal statements model like the one shown next. (Enter any decreases to account ba Cash Flow column, use the initials of to designate operating activity, IA for investing activity, FA for financing activity, or NA for not affected Assets Liabilities Stockholder's Equity Income Statement Event Sales Tax Cash Flows Retained Cash Common Revenue Net Income Payable Expenses Stock Earnings 1 2 3 + + ding transactions on a horizontal statements model like the one shown next. (Enter any decreases to account balances with a minus sign. In the nitials OA to designate operating activity, IA for investing activity, FA for financing activity, or NA for not affected.) Wities 5 able Cash Flows Stockholder's Equity Common Retained Stock Earnings Income Statement Expenses Net Income Revenue Req A Req B Req C to E What was the total amount of sales tax paid in Year 1? What was the total amount of sales tax collected in Year 1? What amount of sales tax expense will be reported on the Year 1 income statement? c. Sales tax paid d. Sales tax collected Sales tax expense e A.
B.
C to E.
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