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snicklegirlp4isqr
10.04.2020 •
Business
Joe is a self-employed electrician who operates his business on the accrual method. This year Joe purchased a shop for his business, and for the first time at year-end he received a bill for $4,500 of property taxes on his shop. Joe didn't pay the taxes until after year-end but prior to filing his tax return. Which of the following is a true statement?A. If the elects to treat the taxes as a recurring item, joe can accrue and deduct $4,500 of taxes on the shop this year B. The taxes are a payment liability C. The taxes would not be deductible if Joe's business was on the cash method D. Unless joe makes an election, the tax ages are not deductible this year E. All the choices are true
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Ответ:
A Retail Store
Journal Entries:
Apr. 2: Debit Inventory $3,600
Credit Accounts Payable (Lyon Company) $3,600
To record the purchase of inventory on account; FOB Shipping point, credit terms of 2/15, n/60.
Apr. 3: Debit Freight-in $360
Credit Cash $360
To record the payment of freight with cash.
Apr. 4: Debit Accounts Payable (Lyon Company) $500
Credit Inventory $500
To record the return of inventory on account.
Apr. 17: Debit Accounts Payable (Lyon Company) $3,100
Credit Cash $3,038
Credit Cash Discounts $62
To record the payment of cash on account, with discount.
Apr. 18: Debit Inventory $6,500
Credit Accounts Payable (Frist Corp.) $6,500
To record the purchase of inventory on account; FOB destination, credit terms of 1/10, n/30.
Apr. 21: Debit Accounts Payable (Frist Corp.) $500
Credit Inventory $500
To record the allowance received.
Apr. 28: Debit Accounts Payable (Frist Corp.) $6,000
Credit Cash $5,940
Credit Cash Discounts $60
To record the payment of cash on account, with discount.
Explanation:
a) Data and Analysis:
Apr. 2: Inventory $3,600 Accounts Payable (Lyon Company) $3,600. FOB Shipping point, credit terms of 2/15, n/60.
Apr. 3: Freight-in $360 Cash $360
Apr. 4: Accounts Payable (Lyon Company) $500 Inventory $500
Apr. 17: Accounts Payable (Lyon Company) $3,100 Cash $3,038 Cash Discounts $62
Apr. 18: Inventory $6,500 Accounts Payable (Frist Corp.) $6,500. FOB destination, credit terms of 1/10, n/30.
Apr. 21: Accounts Payable (Frist Corp.) $500 Inventory $500
Apr. 28: Accounts Payable (Frist Corp.) $6,000 Cash $5,940 Cash Discounts $60