User Account

All Pages

What is the amount debited to accounts receivable

Assignment Help Accounting Basics
Reference no: EM131122759

1. A sale of merchandise on account for $13,750 is subject to an 8% sales tax. 

(a) Should the sales tax be recorded at the time of sale or when payment is received? 

(b) What is the amount of the sale? 

(c) What is the amount debited to Accounts Receivable?

(d) What is the title of the account to which the $1,100 ($13,750 x 8%) is credited?

Reference no: EM131122759

Questions Cloud

Determine the maximum speed : If the maximum circumferential stress on the inside surface of the ring is limited to 240 MN/m2, determine the maximum speed at which the assembly can be rotated. It may be assumed that no relative slip occurs between the shaft and the ring
Show that with the nonideal transfer function : Show that, with the nonideal transfer function of Problem 2.10, the op-amp connection shown in Fig. 2.45 is unstable.
Reflections to concepts in the readings : The purpose of the assignment is to reflect on yourself and your cultural background, and to have an opportunity to share this with others, and to have an opportunity to see such portraits of others.
What were the roles involved in the article : What were the roles involved in the article? What evidence supports the main point? How could the topic of this article apply to your personal or professional life? How could the topic apply to an organization you have observed?
What is the amount debited to accounts receivable : What is the title of the account to which the $1,100 ($13,750 x 8%) is credited?
Determine the amount to be paid : Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.
The differences between medicare and medicaid : 1.  In the past, quality measures have focused primarily on process and/or structure. In order to effectively measure and improve quality, those two elements need to be put aside, and attention must be paid exclusively to outcomes.
Discuss one recent price change that you have noticed : Discuss one recent price change that you have noticed while visiting your local supermarket. Speculate on whether or not the price change that you identified was a result of a change in either supply or demand.
What is the required maximum thickness : The cross-section of a turbine rotor disc is designed for uniform strength under rotational conditions. The disc is keyed to a 60 mm diameter shaft at which point its thickness is a maximum, what is the required maximum thickness

Reviews

Write a Review

Accounting Basics Questions & Answers

  Outstanding common stock

Meredith Corporation acquired 20% of the outstanding common stock of Cairo Corporation on December 31, 2010. The purchase price was $1,250,000 for 50,000 shares.

  Malaysian accounting standards board and industry players

Eventually, the Malaysian Accounting Standards Board and industry players are able to convince the International Accounting Standards Board to come out with another set of accounting standards that fit Malaysian requirement. What type of theory of..

  Short term notes payable owed to city national bank

On December 31, 2010, Atwood Table Company has $8 million of short term notes payable owed to City National Bank. On February 1, 2011, Atwood negotiates a revolving credit agreement providing for unrestricted borrowings up to $6 million.

  Edison stagg and thornton have the following financial

edison stagg and thornton have the following financial information at the close of business on july

  With the annual demand of 2400 units daily demand of 10

with the annual demand of 2400 units daily demand of 10 units and daily production rate of 40 units a company has

  Mateo corporation is considering purchasing a new delivery

mateo corporation is considering purchasing a new delivery truck. the truck has many advantages over the companys

  Plant properties and equipment are stated at cost less

plant properties and equipment are stated at cost less accumulated depreciation. expenditures for betterments are

  Record the preceding transaction in the horizontal statement

Record the preceding transactions in the horizontal statements model. Also, in the Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). The first event is shown as an exampl..

  Declared semiannual dividends of 140 on 35000 shares of

declared semiannual dividends of 1.40 on 35000 shares of preferred stock and 0.09 on the common stock to stockholders

  Estimated amount of depreciation on equipment

The estimated amount of depreciation on equipment for the current year is $41,700.

  Phase of the clean-air carpet cleaning company

What critical errors do you see in the initial planning phase of the Clean-Air Carpet Cleaning Company?

  Stoolco a domestic corporation produces a line of low cost

stoolco a domestic corporation produces a line of low cost bar stools at its facilities in missouri for sale throughout

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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