Applied Foods Corp. had cash sales of $598,000 during the month of August. Sales taxes of 6.5% were collected on the sales. Prepare the journal entry to record the sales revenue and sales tax for the month
What will be an ideal response
Cash 636,870
Sales Revenue 598,000
Sales Tax Payable ($598,000 x 6.5%) 38,870
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What will be an ideal response?
Which of the following symbols indicate the need to review the assignment instructions?
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What will be an ideal response?
Winters Corporation purchased 15,000 shares of Poores Corporation common stock for $60 per share on January 2, 2014. Poores Corporation reported net income of $1,500,000 for 2014 and paid dividends of $300,000 during 2014. Poores has a total of 50,000 shares of common stock outstanding. The entry that would be recorded to recognize the receipt of cash dividend is:
A) Cash 90,000 Dividend Income 90,000 B) Income, Poores Corporation Investment 90,000 Cash 90,000 C) Cash 90,000 Income, Poores Corporation Investment 90,000 D) Cash 90,000 Investment in Poores Corporation 90,000