P11-1A Individual - Sales Tax payable: 12,420 - 11,500 =...

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P11-1A A Jan 5 Cash 22,680.00 Sales 21,000.00 Sales Tax payable 1,680.00 12 Unearned Service Revenue 10,000.00 Service Revenue 10,000.00 14 Sales Tax Payable 7,700.00 Cash 7,700.00 20 Accounts Receivable 43,200.00 Sales 40,000.00 Sales Tax payable 3,200.00 21 Cash 18,000.00 Notes Payable 18,000.00 25 Cash 12,420.00 Sales 11,500.00 Sales Tax payable 920.00 Calculations: January 5 Sales: 22,680 / 108% = 21,000 Sales Tax payable: 22,680 - 21,000 = 1,680 January 20 Sales: 800 x 50 = 40,000 Sales Tax Payable: 800 x 50 x 0.08 = 3,200 January 25 Sales: 12,420 / 108% = 11,500
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Unformatted text preview: Sales Tax payable: 12,420 - 11,500 = 920 B Jan 31 Interest Expense 40.00 Interest Payable 40.00 Calculations: Interest Payable: 18,000 x 0.08 x 1/12 = 120 120 x 1/3 = 40 C Current liabilities Notest Payable 18,000.00 Accounts Payable 52,000.00 Unearned Service Revenue 6,000.00 Sales Tax Payable 5,800.00 Interest payable 40.00 Total Current Liabilities 81,840.00 Calculations: Unearned Service Revenue: 16,000 - 10,000 = 6,000 Sales Tax Payable: 1,680 + 3,200 + 920 = 5,800...
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P11-1A Individual - Sales Tax payable: 12,420 - 11,500 =...

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