Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QS 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $14,000 cash on September 30 (cost of merchandIse Is $9,800). The sales

image text in transcribed

QS 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $14,000 cash on September 30 (cost of merchandIse Is $9,800). The sales tax law requires Dextra to collect 4% sales tax on every dollar of merchandise sold. Record the entry for the $14,000 sale and Its applicable sales tax Also record the entry that shows the payment of the 4% tax on this sale to the state government on October 15. View transaction list View journal entry worksheet X Debit Credit 14,560 14,000 1 Record the cash sales and 4% sales tax. 560 Record the cost of September 30th sales. 3 Record the entry that shows the payment of the 4% tax on this sale to the state government on October 15.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services An Integrated Approach

Authors: Alvin Arens

13th Edition

0136084737, 9780136084730

More Books

Students also viewed these Accounting questions

Question

Th e last time I complained, nothing happened.

Answered: 1 week ago

Question

Th ey could have made my situation worse.

Answered: 1 week ago