Splish Corporation made credit sales of $30,600 which are subject to 7% sales tax. The corporation also made cash sales which totaled $10,593 including the 7% sales tax. (a) Prepare the entry to record Splish's credit sales. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
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Intermediate Accounting 105
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- Flounder Corporation made credit sales of $30,600 which are subject to 5% sales tax. The corporation also made cash sales which totaled $19,635 including the 5% sales tax. (a) Prepare the entry to record Flounder's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit(b) On May 10, Oriole Company sold merchandise for $12,200 and accepted the customer's America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Oriole Company's books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Debit Credit May 10Flynn Company determines that it cannot collect $8,300 of its accounts receivable from its customer, MDC. Record the journal entry required of Flynn under (a) the direct write-off method and (b) the allowance method. View transaction list Journal entry worksheet 1 Record the write off under the direct write-off method. 2 Note: Enter debits before credits. Transaction a. General Journal Debit Credit
- Monty Company does not segregate sales and sales taxes on its cash register. Its register total for the month is $1,543,300, which includes a 10% sales tax.Compute sales taxes payable, and make the entry to record sales and sales taxes payable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Sales taxes payable $enter the amount of sales taxes payable in dollarsYour roommate says, “Sales taxes are reported as an expense in the income statement.” Do you agree? Agree or Disagree Jensen Company has cash proceeds from sales of $8,400. This amount includes $400 of sales taxes. Give the entry to record the proceeds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit CreditA credit sale is made on July 10 for $800, terms 4/10, n/30. On July 12, $150 of goods are returned for credit. Give the journal entry on July 19 to record the receipt of the balance due within the discount period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation July 19 Debit Credit
- Future Tech's cash register total for June 4 is $13,650. All sales are subject to a 5% sales tax. Record the entry for sales taxes payable and sales. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts Round answers to O decimal places, eg. 25,000) Date Account Titles and Explanation Jun 4 Debit CreditSplish Brothers Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $16,960. All sales are subject to a 6% sales tax. Compute sales taxes payable. Sales taxes payable $ Make the entry to record sales taxes payable and sales. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Mar. 16 Debit CreditIf Metlock Company uses the allowance method to account for uncollectible accounts, journalize the entry if on May 8 Metlock determined that Randal Company's $760 balance is uncollectible. (List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation May 8 Bad Debt Expense Allowance for Doubtful Accounts Debit 760 Credit 760
- On March 3, Sandhill Appliances sells $764, 900 of its receivables to Western Factors Inc Western Factors Inc. assesses a service charge of 6% of the amount of receivables sold. Prepare the entry on Sandhill Appliances books to record the sale of the receivables. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)A retailer uses the direct write-off method. Record the following transactions. Feb. 14 The retailer determines that it cannot collect $400 of its accounts receivable from a customer named ZZZ Company. Apr. 1 ZZZ Company unexpectedly pays its account in full to the retailer, which then records its recovery of this bad debt.Pyramid Corporation is assessed a $40 fee as the result of a $126 NSF check received from a customer for services purchased on account. Neither the fee nor the NSF check has been accounted for on Pyramid’s books.Required:Record the appropriate journal entry to update Pyramid’s books.