Ron\'s Pharmacy has collected $600 in sales taxes during March. If sales taxes m

Question

Ron's Pharmacy has collected $600 in sales taxes during March. If sales taxes must be remitted to the state government monthly, what entry will Ron's Pharmacy make to show the March remittance? a. Sales Tax Expense.... 2. b. Sales Taxes Payable C. Sales Tax Expense d. No entry required. 600 600 600 600 600 600 Cash Sales Taxes Payable . Readers Company typically sells subscriptions on an annual basis, and publishes eight times a year. The magazine sells 60,000 subscriptions in January at $10 each. What entry is made in January to record the sale of the subscriptions? a. Subscriptions Receivable Subscription Revenue. Unearned Subscription Revenue. Unearned Subscription Revenue.... Cash 600,000 600,000 75,000 ....600,000 600,000 600,000 75,000 600,000 c. Subscriptions Receivable.. d. Prepaid Subscriptions Spencer Corporation borrowed $300,000 from National Bank on May 31, 2009. The one year, 7% note required: Interest expense for the year ended December 31, 2009 was a. $12,250. b. $14, c. $21,000. d. $0 4 000.

Explanation / Answer

2) b)

Sales Taxes Payable 600

Cash 600

3) c)

Subscription Receivable 75000

Unearned Subscription Revenue 75000

4) a)

Interest revenue = 300000*7%*7/12 = 12250

5) d) Government regulation

6) c) Limited liability of stock holders

10) d) debit to cash Dividends Payable

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.