Complete 1-3 please and thank you ## Accounting for Sales Taxes### Overview**Scenario**: Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400) and collects 8% sales tax. The entries below reflect the transaction on September 30 and the subsequent payment of sales tax to the government on October 15.### Journal Entry Worksheet#### InstructionRecord the cash sales and 8% sales tax.#### Journal Entry Table| Date | General Journal | Debit | Credit ||------------|-------------------------|-------|--------|| September 30 | Cash | | || | Sales | | || | Sales taxes payable | | |### Action Buttons- **Record entry**: Submit the financial transaction entry.- **Clear entry**: Erase the current entry.### Note*Enter debits before credits.*This entry will ensure that Dextra Computing accurately records the cash received, the revenue from sales, and the sales tax liability to be paid later.### Additional Context- **Sales Tax Calculation**: The sales tax on a $4,000 sale at 8% is $320.- **Sales Tax Payment**: On October 15, Dextra will remit the collected sales tax to the government.This example demonstrates the recording of sales transactions including the accrual of sales tax liabilities, ensuring compliance with financial reporting and tax laws.

Journal entries are the basic method for recording financial transactions in the books of accounts.…

QS 9-3 (Algo) Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). Dextra collects 8% sales tax. Record the entry for the $4,000 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.

QS 9-3 (Algo) Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400). Dextra collects 8% sales tax. Record the entry for the $4,000 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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