..ooo Sprint 1296 10:40 PM Touch to resume FaceTime 11:06 ezto.mheducation.com Q

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..ooo Sprint 1296 10:40 PM Touch to resume FaceTime 11:06 ezto.mheducation.com Question 2 (of 3) 10.00 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 collect 10% sales tax on every dollar of merchandise sold. Record the entry for the $16,000 sale and its applicable sales tax. Also record the entry that shows the remittance of the 10% tax on this sale to the state government on October 15 Journal Entry Worksheet Record the cash sales and 10% sales tax. Date Sep 30 Enter debits before credits References eBook & Resources Worksheet Difficulty: 2 Medium Learning Objective: 09-C2 Ide describe known current liabili

Explanation / Answer

Date Account Debit credit sep 30 cash 17600 sales 16000 sales tax payable   [16000*10%] 1600 [sales made ] sep 30 cost of goods sold 11200 Merchandise inventory 11200 [cost of sales recorded ] oct 15 sales tax payable 1600 cash 1600 [sales tax collected remitted]

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