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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 2 3 1 Record the cash sales and 5% sales tax.

Respuesta :

A journal entry is the record of the financial transaction of a business in its financial books.

Cost of merchandise =  $3,900

Sale = $6,000

Sales Tax = 5%

Formulating the journal entries for Dextra Computing -

1. September 30,

Cash A/c  Dr.                $6,300 ( 5% of 6000 + 6000)

To Sales                        $6,000

To sales tax payable    $300

( Being recording the sales with 5% sales tax payable)

2. September 30,

Cost of goods sold A/c   Dr.   $3,900

To merchandise inventory      $3,900

( Being the transfer of the cost to the finishing department)

3. 15th October,

Sales tax payable A/c Dr.   $300

To cash                                 $300

( Being the entry for remittance of sales tax to the state government)

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