Prepare the entry to record dillons credit sales

Assignment Help Accounting Basics
Reference no: EM131115505

1. Dillons Corporation made credit sales of $30,000 which are subject to 6% sales tax. The corporation also made cash sales which totaled $20,670 including the 6% sales tax. 

(a) Prepare the entry to record Dillons' credit sales. 

(b) Prepare the entry to record Dillons' cash sales. 

Reference no: EM131115505

Questions Cloud

Provides emergency service for customers requiring immediate : The Clean Pool company maintains residential swimming pools for customers in a city in Florida. Clean Pool has a regular maintenance schedule for all pools but also provides emergency service for customers requiring immediate help. Jaime finds this a..
Prepare a budgeted partial income statement : Axiom Mobile Plus company approached you as Management Accounting expert to assist them in preparing their 2013 budget. Prepare a budgeted partial income statement till "Gross Profit Line"
Discuss current state policy that influences family policies : Discuss a current state policy that influences workplace policies. Discuss a current state policy that influences family policies.
Deciding upon a business strategy : What kind of market demand and supply information would be useful to you in deciding upon a business strategy?
Prepare the entry to record dillons credit sales : Dillons Corporation made credit sales of $30,000 which are subject to 6% sales tax. The corporation also made cash sales which totaled $20,670 including the 6% sales tax.
What is the required rate of return : a. If the firm pays out all of its annual earnings as dividends, what will be the dividend paid per share? b. What is the required rate of return (demanded by shareholders of this firm) implied by the current market price?
Determine the dollar aic and the dollar cash flow that dvr : Determine the dollar AIC and the dollar cash flow that DVR would have to pay under a currency swap where it borrows ¥1,750,000,000 and swaps the debt service into dollars. This problem can be solved using the Excel spreadsheet CURSWAP.xls.
Did that restaurant live up to all three criteria : First, what are three things you look for in a restaurant (important qualities)? Why are these things/qualities important? Then, consider the last restaurant you ate at, and do a quick review of your experience. Did that restaurant live up to all thr..
Forecast the firm additional funds needed : Harvest Home is planning its operations and needs you to forecast the firm's additional funds needed (AFN). The firm is operating at full capacity. Data for use in the forecast are shown below.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd