Homework Answers
| Date | General Journal | Debit | Credit |
| Sep 30 | Cash | $5,400 | |
| Sales | $5,000 | ||
| Sales taxes payable($5,000 * 8%) | $400 | ||
| Sep 30 | Cost of goods sold | $3,000 | |
| Merchandise inventory | $3,000 | ||
| Oct. 15 | Sales taxes payable | $400 | |
| Cash | $400 |
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Dextra Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $3,000). The...
Dextra Computing sells merchandise for $8,000 cash on September 30 (cost of merchandise is $5,600). The...
Dextra Computing sells merchandise for $8,000 cash on September 30 (cost of merchandise is $5,600). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $8,000 sale and its applicable sales tax Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet Record the cash sales and 2% sales tax....
Dextra Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $3,000). Dextra...
Dextra Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $3,000). Dextra collects 8% sales tax Record the entry for the $5,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15 View transaction list Journal entry worksheet 2 < 1 Record the cash sales and 8% sales tax Note: Enter debits before credits. Date General Journal Debit Credit Cash 5,400...
Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,800). The...
Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,800). The sales tax law requires Dextra to collect 6% sales tax on every dollar of merchandise sold. Record the entry for the $4,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 6% tax on this sale to the state government on October 15.
QS 11-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $8,000 cash on...
QS 11-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $8,000 cash on September 30 (cost of merchandise is $5,600). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $8,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet...
Dextra Computing sells merchandise for $20,000 cash on September 30 (cost of merchandise is $12,000). The...
Dextra Computing sells merchandise for $20,000 cash on September 30 (cost of merchandise is $12,000). The sales tax law requires Dextra to collect 9% sales tax on every dollar of merchandise sold. Record the entry for the $20,000 sale and its applicable sales tax. Also record the entry that shows the payment of 9% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet 2 3 Record the cash sales and 9% sales...
Dextra Computing sells merchandise for $9,000 cash on September 30 (cost of merchandise is $7,200). The sales tax law re...
Dextra Computing sells merchandise for $9,000 cash on September 30 (cost of merchandise is $7,200). The sales tax law requires Dextra to collect 7% sales tax on every dollar of merchandise sold. Record the entry for the $9,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 7% tax on this sale to the state government on October 15.
QS 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $16,000 cash on...
QS 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $16,000 cash on September 30 (cost of merchandise is $11,200). Dextra collects 10% sales tax. Record the entry for the $16,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. Journal entry worksheet 1 2 3 Record the cash sales and 10% sales tax. Note: Enter debits before credits. General Journal...
On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and...
On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2017. The 8% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2016 Interest accrual, and the March...
Waupaca Company establishes a $420 ptty cash fund on September 9. On September 30, the fund...
Waupaca Company establishes a $420 ptty cash fund on September 9. On September 30, the fund shows $179 in cash along with receipts for the following expenditures: transportation-in, $54; postage expenses, $50; and miscellaneous expenses, $129. The petty cashier could not account for a $8 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory Prepare (1) the September 9 entry to establish the fund. (2) the September 30 entry to reimburse the fund, and...
Smith Corporation purchases merchandise on account from a supplier on June 30, 2019 for $4,000. On...
Smith Corporation purchases merchandise on account from a supplier on June 30, 2019 for $4,000. On July 5, merchandise is sold for $5,000 plus state sales tax (5%) to Customer A on account. Assume that the perpetual inventory method is used. Required: 1. Prepare the journal entry to record the $4,000 purchase from the supplier. 2. Prepare the journal entry to record the sale to Customer A. 3. Prepare the journal entry to record payment of sales tax on these...
Dextra Computing sells merchandise for $8,000 cash on September 30 (cost of merchandise is $5,600). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $8,000 sale and its applicable sales tax Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet Record the cash sales and 2% sales tax....
Dextra Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $3,000). Dextra collects 8% sales tax Record the entry for the $5,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15 View transaction list Journal entry worksheet 2 < 1 Record the cash sales and 8% sales tax Note: Enter debits before credits. Date General Journal Debit Credit Cash 5,400...
Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,800). The sales tax law requires Dextra to collect 6% sales tax on every dollar of merchandise sold. Record the entry for the $4,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 6% tax on this sale to the state government on October 15.
QS 11-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $8,000 cash on September 30 (cost of merchandise is $5,600). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $8,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet...
Dextra Computing sells merchandise for $20,000 cash on September 30 (cost of merchandise is $12,000). The sales tax law requires Dextra to collect 9% sales tax on every dollar of merchandise sold. Record the entry for the $20,000 sale and its applicable sales tax. Also record the entry that shows the payment of 9% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet 2 3 Record the cash sales and 9% sales...
QS 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $16,000 cash on September 30 (cost of merchandise is $11,200). Dextra collects 10% sales tax. Record the entry for the $16,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. Journal entry worksheet 1 2 3 Record the cash sales and 10% sales tax. Note: Enter debits before credits. General Journal...
On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2017. The 8% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2016 Interest accrual, and the March...
Waupaca Company establishes a $420 ptty cash fund on September 9. On September 30, the fund shows $179 in cash along with receipts for the following expenditures: transportation-in, $54; postage expenses, $50; and miscellaneous expenses, $129. The petty cashier could not account for a $8 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory Prepare (1) the September 9 entry to establish the fund. (2) the September 30 entry to reimburse the fund, and...
Smith Corporation purchases merchandise on account from a supplier on June 30, 2019 for $4,000. On July 5, merchandise is sold for $5,000 plus state sales tax (5%) to Customer A on account. Assume that the perpetual inventory method is used. Required: 1. Prepare the journal entry to record the $4,000 purchase from the supplier. 2. Prepare the journal entry to record the sale to Customer A. 3. Prepare the journal entry to record payment of sales tax on these...
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