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Receipts from cash sales of 9500 were recorded incorrectly in the cash receipts journal as 5900 What entry is required in the depositors accounts?
Another entry will be required in cash receipts journal with difference in recorded 4600(9500 - 5900).
How do you calculate sales tax using gross sales?
If I understand your question correctly you know what the Gross Receipts are and need to calculate the sales tax that is included. If that is the case this is how to do it. Gross Receipts - Gross Receipts divided by (1+ Tax Rate) if your tax rate is 5% and your gross receipts including tax are $1,050.00, divide $1,050.00 by 1.05. The result is your net receipts without tax. $1000.00 . Then $1050.00 -$1000.00 = $50.00 the sales tax
The cash receipts journal usually has special columns for the accounts that a business uses the most often in recording its cash receipts?
sales account sales account
What is gross and net receipts?
Gross receipts are the total of all sales with out the deduction of any expenses. Net receipts are the gross receipts minus returns, allowances and discounts.?æ
Why should sales receipts of cash from credit customers be recorded and posted immediately?
Sales to and receipts of cash should be recorded immediately to provide a clear overall business picture and allow positive business decisions to benefit of the company or business for that period.
Receipts from cash sales of 9500 were recorded incorrectly in the cash receipts journal as 5900 What entry is required in the depositors accounts?
Another entry will be required in cash receipts journal with difference in recorded 4600(9500 - 5900).
What statement is not true about receipts?
One statement that is not true about receipts is that they are always required for every purchase. While receipts are commonly issued for transactions as proof of purchase, many small transactions, especially in cash, may not include receipts. Additionally, some businesses may not provide receipts for certain types of sales or services, depending on their policies or the nature of the transaction.
How do you calculate sales tax using gross sales?
If I understand your question correctly you know what the Gross Receipts are and need to calculate the sales tax that is included. If that is the case this is how to do it. Gross Receipts - Gross Receipts divided by (1+ Tax Rate) if your tax rate is 5% and your gross receipts including tax are $1,050.00, divide $1,050.00 by 1.05. The result is your net receipts without tax. $1000.00 . Then $1050.00 -$1000.00 = $50.00 the sales tax
The cash receipts journal usually has special columns for the accounts that a business uses the most often in recording its cash receipts?
sales account sales account
What is gross and net receipts?
Gross receipts are the total of all sales with out the deduction of any expenses. Net receipts are the gross receipts minus returns, allowances and discounts.?æ
What is the effect on the sales forecast in operating a printing press and most sales is official receipts and sales invoices and your printing is not accredited to print and BIR issued the r?
A printing press, sales invoices and official sales receipts can endure a negative effect in sales forecasting if printing is not accredited to print. The BIR is firm on their new receipt policy which must be issued. If receipts are not accounted for, they cannot be properly reported.
The mean of fifty sales receipts is 58.35 and the standard deviation is 10.38 Using Chebyshev's theorem determine how many sales receipts were between 37.59 and 79.11 Points 2?
47.72 I guess
Tiffany and Company first day sales receipts were how much?
$4.98
When are receipts required in the DTS system?
Receipts are mandatory for all expenses of $75 or more and all lodging expenses.
Is it true that the claimant gets cash or check if he or she has a ACV option and has to turn in receipts if he or she has the replacement cost option on the homeowners policy?
not exactly. replacement cost is better. receipts are not required by law, but the ins co's say that they are because people don't know better.
What is gross sales tax?
gross sales tax is the tax you pay on total receipts/sales. basically you can't deduct any expenses before you pay the tax.
What are organizations required to maintain for three years when using GPC?
Receipts
