Question: QS 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,800). The sales
QS 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,800). The sales tax law requires Dextra to collect 6% sales tax on every dollar of merchandise sold. Record the entry for the $4,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 6% tax on this sale to the state government on October 15.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
