Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Se Capitol Chimney Co. had sales on account of $30,500 which were subject to state sales tax of 7%. The entry to record the MEW

image text in transcribed
image text in transcribed
Se Capitol Chimney Co. had sales on account of $30,500 which were subject to state sales tax of 7%. The entry to record the MEW sales would be to A. debit Accounts Receivable, $30,500, debit Sales tax payable, $2,135 credit Sales revenue, $32,635 OB. debit Accounts Receivable, $30,500, credit Sales revenue, $30,500 OC. debit Accounts Receivable, $32,635 credit Sales revenue $30,500 credit Sales tax payable $2,135. D. debit Accounts Receivable, $32,635, credit Salo revenue, $32,635 ACH Read Fire Si Rocky's Roofing had cash sales for the month totaling $33,500 Rocky offers a 1-year warranty on its roofing services. If Rocky estimates warranty claims will equal 3% of sales, what is the journal entry to record the estimated warranty expense for the month? T au M Aci Read O A. Debit warranty expense $1,005, credit Cash $1,005 OB. Debit estimated warranty expense $1,005, credit warranty payable $1,005 OC. Debit warranty expense $1,005, credit Sales Revenue $1,005 OD. Debit warranty expense $1,005, credit Estimated Warranty Payable $1,005 Sc ing a Fire ac me

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: 3

blur-text-image

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

Costing

Authors: Terry Lucey

6th Edition

0826455107, 9780826455109

More Books

Students also viewed these Accounting questions