QS 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $7,000 cash...
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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 on every dollar of merchandise sold. Record the entry for the $7,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 5% tax on this sale to the state government on October 15. View transaction list View journal entry worksheet General Journal Debit Credit Sep 30 Cash Sales Sales taxes payable 2 Sep 30 Cost of goods sold 4,900 Merchandise inventory 4,900 3 Oct 15 Sales taxes payable Cash
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