Journal entry For June 26 What account is credited and debited? June 26 Accessor
ID: 2720020 • Letter: J
Question
Journal entry For June 26
What account is credited and debited?
June 26
Accessory items were sold on account to customer Christine Nelson. All accessory items carry a markup of 100% on cost (50% on selling price). Calculate the total selling price and be sure to include the 8% sales tax (rounded to the nearest cent if necessary).
Merchandise listed on the sales invoice:
Stock Number
Item
Quantity
Net Cost Per Unit
KW001
JS BATTERY
3
$29.40
C0300
STAINLESS IMP. 900
2
$78.40
Stock Number
Item
Quantity
Net Cost Per Unit
KW001
JS BATTERY
3
$29.40
C0300
STAINLESS IMP. 900
2
$78.40
Explanation / Answer
Stock Number Item Quantity Net Cost Per Unit Total Cost Markup@100% Total Sales Value Sales Tax@8% Total price KW001 JS BATTERY 3.00 29.40 88.20 88.20 176.40 14.11 190.51 C0300 STAINLESS IMP. 900 2.00 78.40 156.80 156.80 313.60 25.09 338.69 490.00 39.20 529.20 Journal Entries Particulars Dr Amt Cr Amt Accounts Receivable Dr 529.20 To Sales 490.00 To Sales Tax Payable 39.20
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.