dextra computing sells merchandise for $18,000 cash on september 30 (cost of merchandise is $10,800). dextra…

dextra computing sells merchandise for $18,000 cash on september 30 (cost of merchandise is $10,800). dextra collects 2% sales tax. record the entry for the $18,000 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 record the cost of september 30th sales. note: enter debits before credits. date general journal debit credit september 30

Answer

Explanation:

Step1: Calculate sales - tax amount

The sales - tax rate is 2% and the sales amount is $18,000. The sales - tax amount = $18,000×0.02=$360. The total cash received is $18,000 + $360=$18,360.

Step2: Record the September 30 sale and sales - tax entry

Debit Cash for the total amount received ($18,360), credit Sales Revenue for the selling price of the merchandise ($18,000), and credit Sales Tax Payable for the sales - tax amount ($360).

Date	General Journal	Debit	Credit
September 30	Cash	$18,360
	Sales Revenue		$18,000
	Sales Tax Payable		$360

Step3: Record the cost of goods sold entry

Debit Cost of Goods Sold for the cost of the merchandise ($10,800) and credit Merchandise Inventory for the same amount.

Date	General Journal	Debit	Credit
September 30	Cost of Goods Sold	$10,800
	Merchandise Inventory		$10,800

Step4: Record the October 15 payment of sales - tax entry

Debit Sales Tax Payable ($360) and credit Cash ($360).

Date	General Journal	Debit	Credit
October 15	Sales Tax Payable	$360
	Cash		$360

Answer:

Date	General Journal	Debit	Credit
September 30	Cash	$18,360
	Sales Revenue		$18,000
	Sales Tax Payable		$360
September 30	Cost of Goods Sold	$10,800
	Merchandise Inventory		$10,800
October 15	Sales Tax Payable	$360
	Cash		$360