Gomez Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $2,900). The sales

Question:

Gomez Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $2,900). The sales tax law requires Gomez to collect 4% sales tax on every dollar of merchandise sold. Record the entry for the $5,000 sale and its applicable sales tax. Also record the entry that shows the remit¬ tance of the 4% tax on this sale to the state government on October 15.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Fundamental Accounting Principles

ISBN: 9780072946604

17th Edition

Authors: Kermit D. Larson, John J Wild, Barbara Chiappetta

Question Posted: