ACC 363 P11-1A - ..................... 12,000 Sales Taxes...

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PROBLEM 11-1A (a) Jan. 1 Cash. ........................................................... 15,000 Notes Payable. .................................... 15,000 5 Cash. ........................................................... 10,400 Sales ($10,400 ÷ 104%). ..................... 10,000 Sales Taxes Payable. ......................... 400 ($10,400 – $10,000) 12 Unearned Service Revenue. ..................... 9,000 Service Revenue. ............................... 9,000 14 Sales Taxes Payable. ................................. 5,800 Cash. .................................................... 5,800 20 Accounts Receivable. ................................ 37,856 Sales. ................................................... 36,400 Sales Taxes Payable. ......................... 1,456 (700 X $52 X 4%) 25 Cash. ........................................................... 12,480 Sales ($12,480 ÷ 104%).
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Unformatted text preview: ..................... 12,000 Sales Taxes Payable. ......................... 480 ($12,480 – $12,000) (b) Jan. 31 Interest Expense. ............................... 100 Interest Payable. ......................... 100 ($15,000 X 8% X 1/12) (c) Current liabilities Notes payable. .................................................................... $15,000 Accounts payable. .............................................................. 42,500 Unearned service revenue ($15,000 – $9,000). ................ 6,000 Sales taxes payable ($400 + $1,456 + $480). ................... 2,336 Interest payable. ................................................................. 100 Total current liabilities. .............................................. $65,936...
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This note was uploaded on 03/13/2010 for the course ACC ACC 363 taught by Professor Mariaburgos during the Spring '09 term at University of Phoenix.

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ACC 363 P11-1A - ..................... 12,000 Sales Taxes...

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