Question: Question 4 (of 5) save & Exit Submn 20.00 points Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400)

Question 4 (of 5) save & Exit Submn 20.00 points Dextra

Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise

Question 4 (of 5) save & Exit Submn 20.00 points Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,400) The sales tax law requires Dextra to collect 8% sales tax on every dollar of merchandise sold Record the entry for the S4000 sale and its applicable sales tax. Also record the entry that shows the remittance of the 8% tax on this sale to the state government on October 15 View transaction list Journal entry worksheet Record the cash sales and 8% sales tax. Note: Enter debits before credits. Date General Journal Debit Cr Credit Sep 30 [Cash 4,320 4,000 Sales taxes payable 320 Record entry Clear entry View general journal DX

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

1. A pharmaceutical firm has a current patent on its sleep aid drug used by USMC. The table below describes the firm's revenues and costs. Price Quantity Demanded Total Revenue Total Cost Marginal...

10 OS 11-2 Accounting for sales taxes Lo C2 9.09 points Dextra Computing sells merchandise for $16,000 cash on September 30 (cost of merchandise is $11,200). The sales tax law requires Dextra to...

Which of the following items are normally classified as current liabilities for a company that has a one-year operating cycle? (You may select more than one answer. Single click the box with the...

Check my wor Dextra Computing sells merchandise for $10,000 cash on September 30 (cost of merchandise is $8,000). The sales tax law requires Dextra to collect 9% sales tax on every dollar of...

Dextra Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $3,000). The sales tax law requires Dextra to collect 8% sales tax on every dollar of merchandise sold....

Dextra Computing sells merchandise for $9,000 cash on September 30 (cost of merchandise is $7.200). The sales tax law requires Dextra to collect 7% sales tax on every dollar of merchandise sold....

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....

QS 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $7,000 cash on September 30 (cost of merchandise ls $4,900). The sales tax law requires Dextra to collect 5% sales tax...

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...

value: 1.80 points QS 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $16,000 cash on September 30 (cost of merchandise is $11,200). The sales tax law requires Dextra to...

hw 11-1 QS 11-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $15,000 cash on September 30 (cost of merchandise is $12,000). The sales tax law requires Dextra to collect 5%...

Read the case study Apple versus FBI: privacy versus security. Could this have been avoided? how?

SoulFood Pte Ltd (SF) was a company that specialised in creating juice cleanse kits. It claimed to be the first juice cleanse company in Singapore with an AVA approved and licensed juice kitchen. SF...

True or false? Explain your answer. a. An increase in the amount of resources available to Tom for use in producing coconuts and fish does not change his production possibilities curve. b. A...

The first scenario will be a Verbal Judo scenario in which your scenario follows the standard Verbal Judo interaction: You need to ask somebody to modify their behavior either to do something or to...

c. What are common stereotypes about the group? How did these stereotypes originate?

8. Why do some people in the United States prefer not to talk about history? What views of social reality and intercultural communication does this attitude encourage?

1. Cultural-Group History. This exercise can be done by individual students or in groups. Choose a cultural group in the United States that is unfamiliar to you. Study the history of this group, and...