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.
Homework Answers
| Sep 30 | Cash | 9630 | |
| Sales | 9000 | ||
| Sales tax payable (9000*7%) | 630 | ||
| Sep 30 | Cost of Goods Sold | 7200 | |
| Merchandise inventory | 7200 | ||
| Oct 15 | Sales tax payable | 630 | |
| Cash | 630 | ||
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Dextra Computing sells merchandise for $9,000 cash on September 30 (cost of merchandise is $7,200). The sales tax law re...
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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....
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