Listed below are a few transactions and events of Yacht Company. Yacht Company r
ID: 2426320 • Letter: L
Question
Listed below are a few transactions and events of Yacht Company.
Yacht Company records an adjusting entry for $560,000 of previously unrecorded cash sales (costing $280,000) and its sales taxes at a rate of 6%.
Prepare any necessary adjusting entries at December 31, 2011, for Yacht Company’s year-end financial statements for each of the above separate transactions and events. (Omit the "$" sign in your response.)
1.
Yacht Company records an adjusting entry for $560,000 of previously unrecorded cash sales (costing $280,000) and its sales taxes at a rate of 6%.
2. The company earned $112,000 of $280,000 previously received in advance for services.Explanation / Answer
Date General Journal Debit Credit Dec 31' 2011 Customer A/c 560000 To Cash 543200 To Sales Tax Payable 16800
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.