The following selected transactions apply to topeca supply for november and december year 1. november was the first month of operations. sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. cash sales for november year 1 were $64,500, plus sales tax of 6 percent. topeca supply paid the november sales tax to the state agency on december 10, year 1. cash sales for december year 1 were $79,500, plus sales tax of 6 percent.

required

a. record the preceding transactions in general journal form.
b. show the effect of the preceding transactions on a horizontal statements model like the one shown next.
c. what was the total amount of sales tax paid in year 1?
d. what was the total amount of sales tax collected in year 1?
e. what amount of sales tax expense will be reported on the year 1 income statement?

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

i know right it’s not fair some people are just so rude unlike you your actually trying to get to know people and i think that is very kind

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