QS 9-3 (Algo) Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $15,000 cash on September 30 (cost of merchandise is $12,000). Dextra collects 7% sales tax. Record the entry for the $15,000 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 1 Record the cash sales and 7% sales tax. 2 Record the cost of September 30th sales. 3 Record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. Note: = journal entry has been entered Record entry Credit Clear entry View general journal

QS 9-3 (Algo) Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $15,000 cash on September 30 (cost of merchandise is $12,000). Dextra collects 7% sales tax. Record the entry for the $15,000 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 1 Record the cash sales and 7% sales tax. 2 Record the cost of September 30th sales. 3 Record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. Note: = journal entry has been entered Record entry Credit Clear entry View general journal

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...

See similar textbooks

Similar questions

Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of sale, Smith includes the combined amount of both sales and sales tax in the sales account. At the end of May, Smiths sales account for May has a credit balance of 540,000. Prepare the sales tax adjusting journal entry for the end of May.
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 >
QS 11-3 (Algo) Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $15,000 cash on September 30 (cost of merchandise is $12,000). Dextra collects 5% sales tax. Record the entry for the $15,000 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.
Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900). Dextra collects 5% sales tax, Record the entry for the $6,000 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 Record the cash sales and 5% sales tax. nces Note: Enter debits before credits. Date General Journal Debit Credit Sep 30 8:47 PM 3/27/2022 F6 F8 F9 F10 Insert Prt Sc F11 F12 Fn Lock
Kimmel, Financial Accounting, Se Help I System Announcements CA Brief Exercise 10-3 penspan Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $13,375. All sales are subject to a 7% sales tax Compute sales taxes payable. Sales taxes payable %24 Hake the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manual Date Account Titles and Explanation Debit Credit Mar. 16 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS INK TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 3 used
Sales tax transactions Instructions Instructions Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. Journal 1 Journalize the entries to record the selected transactions on December 31. Refer to the Chart of Accounts for exact wo 2 3 Chart of Accounts Journal A. Sold $61,900 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $37,430. B. Paid $40,280 to the state sales tax department for taxes collected. DATE DESCRIPTION JOURNAL POST. REF. DEBIT 1
Brief Exercise 10-03 Sheffield Corp. Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,370. All sales are subject to a 6% sales tax.Compute sales taxes payable. Sales taxes payable $ enter a dollar amount Make the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16 enter an account title to record sales taxes payable and sales on March 16 enter a debit amount enter a credit amount enter an account title to record sales taxes payable and sales on March 16 enter a debit amount enter a credit amount enter an account title to record sales taxes payable and sales on March 16 enter a debit amount enter a credit amount
Sales Tax A sale of merchandise on account for $17,400 is subject to a 7% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the amount credited to sales?$ (c) What is the amount debited to Accounts Receivable? If required, round your answers to the nearest cent.$ (d) What is the account to which the $1,218.00 is credited?
Cheyenne Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,812. All sales are subject to a 6% sales tax. (a1) Compute sales taxes payable. Sales taxes payable $ eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer (a2)
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
16.Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is subject to a 7% state sales tax. The journal entry for the sale would include a credit to a.Sales Tax Payable for $420 b.Cash for $6,000 c.Sales for $5,580 d.Sales for $6,240 17. Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from these transactions? a.$26,010 b.$24,990 c.$25,500 d.$16,000 18. When a buyer returns merchandise purchased for cash, the buyer will journalize the transaction as a….. a.debit to Cash and a credit to Sales b.debit to Cash and a credit to Merchandise Inventory c.debit to Merchandise Inventory and a credit to Cash d.debit to Sales and a credit to Accounts Payable 19. A sales invoice included the following information: merchandise price, $8,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,100 added to the invoice. Assuming that a…
Journalize the entries to record the following selected transactions: i. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold 0. was $510. ii. Paid $436 to the state sales tax department for taxes collected. Date Description Post. Debit Credit Ref. -C 121 Review Bununo