Questions Example | Record the Debits and Credits in table to right. Use tables
ID: 2548789 • Letter: Q
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Questions Example | Record the Debits and Credits in table to right. Use tables below for GL # and Tax Rates. Record an electronic payment of $S00 to State of Michigan on Sales Tax. Process a $30,000 payment on credit line (principal only) 2 Record an invoice recelved for $1,000 from Zip Marketing on an advertisement. Shipping Department receives $50,000 in raw materials from Purchase Order 12345 Customer ABC from Michigan invoiced for $20,000 on sale of finished goods (Taxable) Note: Figure Cost of Sales as 70% of sale. Shipped with free freight. Customer 123 from Ohio invoiced for $5,000 on sale of finished goods (Nontaxable) Note: Figure Cost of Sales as 80% of sale. Add $200 for freight. Record $2,200 payment on Signature Loan ($2,000 principal&$200 interest). 6 7 Check received from Customer ABC for $15,000 Record invoice from Vendor on Purchase Order 12345 (raw materials) for $50,000 Cut check for $3,000 on payment of invoice from Vendor XYZ. Customer ABC goes bankrupt. Write off $5,000 of unpaid invoices. 10 State Ohio Michigan Tax Rate 7.25% 6.75% Posting Type Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Profit & Loss Profit & Loss Profit & Loss Profit & Loss Profit & Loss Profit & Loss Profit & Loss GL Account # GL Account Description 1100 Cash 1200 Accounts Receivable 1310 nventory- Raw Materials 1330 Inventory-Finished Goods 2100Accounts Payable 2120 Credit Line 2150 Signature Loan 2291 Sales Tax Payable - Ohio 2292 Sales Tax Payable - Michigan 2333 4110Sales-Labels & Supplies 4130 4520 Cost of Sales-Labels & Supplies 5210Advertising Expense 5230 Bad Debt Expense Accrued Purchases t Revenue 5275 Supplies Expense 8130 Interest Expense Note: All sales of finished goods recorded to Sales-Labels & SuppliesExplanation / Answer
If gross profit is 70% of sales them gross profit is 30%(100-70)
No of sale transaction is 10 transactions
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