Stellar corporation made credit sales of $26,400 which are subject to 5% sales tax. the corporation also made cash sales which totaled $27,195 including the 5% sales tax. a. prepare the entry to record stellar's credit sales. b. prepare the entry to record stellar's cash sales.

Explanation:

The journal entries are shown below:

a. Account receivable A/c Dr $27,720

               To Sales revenue A/c $26,400

               To Sales tax payable A/c $1,320   ($26,400 × 5%)

(Being the credit sales is recorded)

b. Cash A/c Dr $27,195

               To Sales revenue A/c $25,900  ($27,195 × 100 ÷ 105)

               To Sales tax payable A/c $1,295  

(Being cash sales is recorded and the remaining balance is credited to the sales tax payable account)

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%