Gomez Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $2,900). The sales
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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.
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Related Book For
Fundamental Accounting Principles
ISBN: 9780072946604
17th Edition
Authors: Kermit D. Larson, John J Wild, Barbara Chiappetta
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