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Accounting homework help? (Journal Entries)?

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Accounting homework help? (Journal Entries)?

Postby custenhin » Sun Nov 18, 2012 6:14 pm

June 17
On March 20 of this year, Granite Bay Jet Ski, Inc., borrowed
$12,000 cash by issuing a 90-day, 11.0%, note payable. The
proceeds of the note were received and deposited in the Cash
account. This note is due tomorrow and is paid in full (including
90-day interest) with check number 31226. Use a 360-day year
when computing interest. At the invoice prompt enter NTPAY for
note payable

June 18
Sold on account, to the Sierra Jet Set, two Water Dancer personal
watercraft and a Starlight Trailer (sales invoice number G4018).
The items, with the net cost price of each shown below, were sold at
a retail selling price of net cost plus 25%. Remember to include the
sales tax.
Merchandise listed on the sales invoice: Water Dancer Rocket, Quantity = 2, Net Cost Per Unit 7425.00//////////////Starlight Trailer D, Quantity 1, Net Cost Per Unit

June 21
Issued check 31229 and purchased additional store fixtures for better
display and security of merchandise. The equipment lists for $7,200
with a special trade discount of 35% and sales tax on the net
amount. The invoice number for this purchase is 79002.
(For this one I have, not sure if right: (Sales Tax is 8% fyi)
Store equip and fixture 2721.60
cash 2520
sales tax payable 201.60)

June 22
Sold two Kawasaki Ultra 150 Personal Watercraft and two Starlight
Quad trailers to Roy and Kristin Cobb. Sales invoice number
G4021 shows the total out-the-door sales price (including tax) to be
$23,922.00. Roy and Kristin paid $13,922 as a down payment and
Granite Bay Jet Ski accepted a short-term, $10,000, 8.5%, 60-day
note receivable for the balance. To calculate the amount of the sale
(before sales tax) divide the total sales price by 1.08.
Merchandise listed on the sales invoice:
Jet Ski Ultra 150, Quantity = 2, NetCostPerUnit 6880.00
Starlight Quad, Quantity 2, netcostperunit 1980

June 23
Purchased accessories on account from Clear Water, Incorporated,
(invoice C5217). The accessories list for $540.00, are recorded
net, and credit terms of 2/10, n/30 are extended by Clear Water,
Incorporated. No freight charges will be incurred for this shipment.
Merchandise listed on purchase invoice:
Stainlesx imp. 1100, Quantity = 6, netcostperunit 88.20

For this next one I have no earthly clue.

Sold used shop equipment (metal lathe) for $320. The equipment
was purchased at a total cost of $2,200 early in 2004. Using units
of production depreciation, the accumulated depreciation account
balance at the end of the first quarter (March 31) totals $1,830
Depreciation is recorded at the rate of $1.00 for each hour of
operation. Through June 23 of this quarter, an additional 260 hours
of operation have accumulated on the hour meter. Two entries are
required to properly record this sale. At each invoice prompt
enter ASALE for asset sale.
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Joined: Tue Mar 22, 2011 3:44 am

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