Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during august, hill sales company had these summar

During August, Hill Sales Company had these summary transactions: 1. Cash sales of $230,000, subject to sales taxes...

50.1K

Verified Solution

Question

Accounting

During August, Hill Sales Company had these summarytransactions:

1.Cash sales of $230,000, subject to sales taxes of 6%.
2.Sales on account of $260,000, subject to sales taxes of6%.
3.Paid the sales taxes to the state
Prepare journal entries to record the precedingtransactions.

q2

On August 1, 2016, Pereira Corporation has sold, on account,1,800 Wiglows to Mendez Company at $480 each. Mendez also purchaseda 1-year service-type warranty on all the Wiglows for $10 per unit.In 2016, Pereira incurred warranty costs of $9,000. Costs for 2017were $6,000.

Required:

1.Prepare the journal entries for the precedingtransactions.
2.Show how Pereira would report the items on the December 31,2016, balance sheet.

Answer & Explanation Solved by verified expert
4.0 Ratings (811 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

What contributions and/or strengths will you bring to the program and to your study team? What...

Biology
1.2K views

Question 2 It is known that some tumors are associated with tumor viruses. It remains unknown, however,...

Mechanical Engineering
1.2K views

For liquids, the viscosity decreases as the temperature increases. For gases, the viscosity increases as the...

General Management
1.2K views

Discussed persuasive messages and how they are meant to convince an audience to act or change...

Physics
1.2K views

8 A long string with a charge of per unit length passes through an imaginary...

Geometry
1.2K views

The sun is 18 above the horizon Find the length of a shadow cast by...

Basic Math
1.2K views

Graph the solution to the following system of inequalities 5x 4y 16 x 0 y20...

Calculus
1.2K views

The density function of X is given by If the expectation of X is E...

Algebra
1.2K views

Grap 1 4 6 5 a 4a 240 2 3 4 5 6 7 8...

Accounting
1.2K views

help with solutions please

Accounting
1.2K views

The following anounts were ieported on the December 32022 , balance sheet

Accounting
1.2K views

I need the solution for this mini practice set 2. I need your answer