Merchandise is sold for cash. The selling price of the merchandise is $3,000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include
A) A debit to Cash for $3,000.
B) A credit to Sales for $3,210.
C) A credit to Sales Tax Payable for $210.
D) None of the above.
C
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Indicate whether the statement is true or false
To project a positive, tactful tone in a written message,
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Generally, a joint venture is a partnership created for one limited purpose
a. True b. False Indicate whether the statement is true or false
Arkansana Inc. imports inventory from Costa Rica. Prepare the journal entries for Arkansana to record the following transactions. Include any year-end adjustments.Dec 21Purchased inventory from Rojas Co. for 5,000,000 Costa Rican colon. The exchange rate was $0.002 per colon. The credit terms were n/30.Dec 31The exchange rate was $0.0023 per colon.Jan 20Paid Rojas Co. for the December 21 purchase. The exchange rate was $0.0021 per colon.
What will be an ideal response?