Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. j.b. good, inc., a wholesaler, sold merchandise to

J.B. Good, Inc., a wholesaler, sold merchandise to a retailer which had properly supplied it...

80.2K

Verified Solution

Question

Accounting

J.B. Good, Inc., a wholesaler, sold merchandise to a retailer which had properly supplied it a resale certificate so that the retailer would not have to pay sales tax to J.B. Good, Inc. when it bought the merchandise. The sales tax rate is 6. The resale certificate is used when the buyer intends to resell the merchandise, and when it actually does resell the merchandise, it charges the applicable sales tax to its customer(s). J.B. Good, Inc. sold merchandise on open account for a total price of $10000). The merchandise had a cost (was carried in inventory at)$ 6.500. Make the entries that go on Goods books for the sale and for the relief from inventory.

Answer & Explanation Solved by verified expert
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

Accounting
1.2K views

Describe how tarrifs were used to fund the United States Government prior to the imposition of...

Basic Math
1.2K views

Suppose that a category of world class runners are known to run a marathon (26 miles)...

Civil Engineering
1.2K views

What are some environmental issues in landfills regarding leachate and gas generation, i.e. the difference between...

Physics
1.2K views

4 A 1500 kg satellite orbits the moon at an altitude of 2 3 10...

Physics
1.2K views

SA 4 Two trucks with equal mass are attracted to each other with a gravitational...

Geometry
1.2K views

vertices at 5 2 and 5 8 and minor axis length 6

Statistics
1.2K views

One option in a roulette game is to bet 8 on red There are 18...

Accounting
1.2K views

A mid signs of a tightening labor market, Aetna Inc. plans to boost the incomes...

Accounting
1.2K views

Riley Co. is considering a short-term or long-term financing plan of $4,000,000 assets. It expects...

Accounting
1.2K views

Silicon Block makes reusable food storage containers. During the month of October, they produced 20,000...

Accounting
1.2K views

1. Account for a numerical sequence of remittance advices and determine whether there is a...

Accounting
1.2K views

The liability of the stockholders of a corporation is usually (limited, unlimited) with respect to...