Question
QS 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900). The sales
QS 9-2 Accounting for sales taxes LO C2
Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900). The sales tax law requires Dextra to collect 5% sales tax on every dollar of merchandise sold. Record the entry for the $6,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 5% tax on this sale to the state government on October 15.
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Financial Accounting The Impact On Decision Makers
Authors: Gary A. Porter, Curtis L. Norton
2nd Edition
0030270995, 978-0030270994
