Dextra Computing sells merchandise for $16,000 cash on September 30 (cost of merchandise is $11,200). Dextra collects 7% sales tax. Record the entry for the $16,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. View transaction list Journal entry worksheet 1 2 3 Record the cash sales and 7% sales tax. Date September 30 Note: Enter debits before credits. General Journal Debit Credit >

Dextra Computing sells merchandise for $16,000 cash on September 30 (cost of merchandise is $11,200). Dextra collects 7% sales tax. Record the entry for the $16,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. View transaction list Journal entry worksheet 1 2 3 Record the cash sales and 7% sales tax. Date September 30 Note: Enter debits before credits. General Journal Debit Credit >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 5.5% service charge for sales on its credit card. Access deducts a 4.5% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $700 of merchandise on credit (that had cost $350) to Natara Morris. 5 Sold $6,700 of merchandise (that had cost $3,350) to customers who used their Zisa cards. 6 Sold $5,656 of merchandise (that had cost $2,828) to customers who used their Access cards. 8 Sold $4,680 of merchandise (that had cost $2,340) to customers who used their Access cards. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $606 balance in McKee’s account stemmed from a credit sale in October of last year. 18 Received Morris’s check in full payment for the purchase of June 4. Required:Prepare journal…
devu
Merchandise is sold for cash. The selling price is the merchandise is $5,000 and the sale is subject to a 5% state sales tax. The journal entry to record the sale would include a credit to sales for $5,250 none of these a credit to sales tax payable for $250
Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,144, an amount that includes a 10% excise tax and a 6% state sales tax. a. What amount of revenue is recorded? b. Prepare a general journal entry to record the transaction on the books of Barnes Company. Round all answers to the nearest dollar. a. Amount of recorded revenue $ 0 b. Date Dec.31 Excise Tax Payable Sales Tax Payable General Journal Description 수 $ + To record sale on account subject to excise tax and sales tax. Debit 0 $ 0 0 0 Credit 0 0 0 0
On March 25, Osgood Company sold merchandise on account, $4,100, terms n/30. The applicable sales tax percentage is 7%. Journalize this transaction. If an amount box does not require an entry, leave it blank. March 25
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 4.5% service charge for sales on its credit card. Access deducts a 3.5% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $500 of merchandise on credit (that had cost $250) to Natara Morris. 5 Sold $6,800 of merchandise (that had cost $3,400) to customers who used their Zisa cards. 6 Sold $5,616 of merchandise (that had cost $2,808) to customers who used their Access cards. 8 Sold $4,890 of merchandise (that had cost $2,445) to customers who used their Access cards. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $395 balance in McKee’s account stemmed from a credit sale in October of last year. 18 Received Morris’s check in full payment for the purchase of June 4. Required:Prepare journal…
Sunland Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $16,500. All sales are subject to a 10% sales tax. Compute sales taxes payable. Sales taxes payable $ Make the entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16
on july , family company recorded merchandise inventory on account , $50,000. the sales were subject to sales tax on 5% on august 15 family company paid the sales tax owed to the state from the july 5 transaction . requirements:- (A) journalize the transaction to record the sale on july 5. ignore the cost of goods sold. (B) journalize the transaction to record the sales tax to state on august 15.
On 1 August 20X5, Hans had an opening balance on the sales tax account as $6,360 credit. During the month, he makes sales gross of tax of $51,040 and purchases net of tax of $60,830. The sales tax rate is 10%. What is the balance on the sales tax account as at 1 September 20X5? A. $4,363 Dr B. $5,381 Cr C. $4,917 Cr D. $4,827 Dr
Answer each question independently. Read the requirements. Requirement 1. A restaurant made cash sales of $4,000 subject to a 5% sales tax. Record the sales and the related sales tax. (Ignore cost of goods sold.) Also record the payment of the tax to the state. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by preparing a compound journal entry to record the sales and the related sales tax. Date Accounts and Explanations Debit Credit
On February 3, Smart Company sold merchandise in the amount of $2,400 to Truman Company, with credit terms of 1/10, n/30. The cost of the items sold is $1,65O. Smart uses the perpetualinventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Multiple Choice Cash 1,650 Accounts receivable 1,650 Cash 2,400 Accounts receivable 2,400 Cash 2,320 Sales discounts pe here to search 5:00 PM 6% 3/7/2022
Tell me why this is the answer as opposed to the others