1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
OleMash [197]
3 years ago
7

Dextra Computing sells merchandise for $20,000 cash on September 30 (cost of merchandise is $12,000). The sales tax law requires

Dextra to collect 9% sales tax on every dollar of merchandise sold. Record the entry for the $20,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 9% tax on this sale to the state government on October 15.
Business
1 answer:
grigory [225]3 years ago
3 0

Answer and Explanation:

According to the scenario,journal entry of the given data are as follow:-

Journal Entry

30 Sept    Cash A/c Dr. $21,800

                To Sales A/c  $20,000

  To Sales tax payable A/c $1,800          (20,000 × 9%)

                 ( Being cash sales is recorded)

30 Sept  Cost of goods sold A/c Dr. $12,000

  To Inventory A/c $12,000

               ( Being September 30th sale cost is recorded)

15 Oct  Sales tax payable A/c Dr. $1,800

     To Cash A/c  $1,800

         ( Being payment of tax is recorded)

You might be interested in
On February 1, 2017, Pat Weaver Inc. (PWI) issued 9%, $1,500,000 bonds for $1,800,000. PWI retired all of these bonds on January
timurjin [86]

Answer:

the gain on retirement bond is $100,000

Explanation:

The computation of the gain or loss recognized on the bond retirement is shown below;

= Book value - paid at redemption

= ($1,500,000 + $157,500) - ($1,500,000 × 105%)

= ($1,657,500) - ($1,575,000)

= $100,000

hence, the gain on retirement bond is $100,000

The same is to be considered and relevant too

3 0
3 years ago
Different between fixed assets and current assets​
Colt1911 [192]

Answer: it is great

Explanation:

4 0
3 years ago
The central bank of Albernia likes to use changes in the reserve requirement to manage the money supply. The commercial banks of
andreev551 [17]

Answer:

$10,000 million

Explanation:

The computation of  the change in the money supply is shown below:

At 10%

Required reserves= deposits × required reserve ratio

= $1000 million × 10%

= $100 million

Now

The total amount of money supply is

New deposits= 1 ÷ required rate of return  x deposits

= 1 ÷ 10% × $1000 million  

= 10 x $1000

= $10,000 million

At 5%

As we know that

Required reserves= deposits × required reserve ratio

= $1000 million × 5%

= $50 million

Now

The total amount of money supply is

New deposits= 1 ÷ required rate of return  x deposits

= 1 ÷ 5% × $1000 million  

= 20 x $1000

= $20,000 million

Now change in supply is

= $20,000 million -$10,000 million

= $10,000 million

7 0
3 years ago
In the _____ stage of the relationship development process, the owner of several retirement centers has agreed that fashion seal
IRINA_888 [86]

Answer: IN THE FIRST stage....

FIRST IS THE ANSWER

HOPE THIS HELPS AND BRAINLY IF U DELETE IT IM GETTING U FIRED THANKS

MARK ME BRAINLIEST

Explanation:

7 0
4 years ago
Read 2 more answers
A corporation that pollutes a body of water has not met its moral minimum duty of social responsibility even if the business lat
timama [110]

Answer:

The statement is absolutely wrong.

Explanation:

The reason is that the just like humans, a company is also part of the society and so it owes a duty of care towards them. The least that an organisation can do is to compensate the stakeholders that are harmed by their operations.

In the nutshell, the animals and plants are also part of our society and they have an equal right to live on this planet as we have. The least the company can do is not harm them or if it harms them due to its negligence then it should compensate them.

8 0
4 years ago
Other questions:
  • A company purchased a 3-acre tract of land for a building site for $480,000. The company demolished the old building at a cost o
    12·1 answer
  • Janice and Thom form Level Corporation. Janice transfers equipment (worth $60,000, basis of $40,000) for 50% of the stock in Lev
    10·1 answer
  • The recent global boom in the market price for scrap steel and aluminum leads to a sudden rise in the theft of everyday metal ob
    12·1 answer
  • When Tim earned​ $65,000 he purchased 10 novels a year. His income has just increased to​ $68,000 and he plans to purchase 15 no
    9·1 answer
  • A small country emits 82,000 kilotons of carbon dioxide per year. In a recent global agreement, the country agreed to cut its ca
    10·2 answers
  • Franchises are attractive to business owners because
    15·1 answer
  • Human resources planning relevant to organizational productivity ​
    9·1 answer
  • Tript Corporation has a process costing system and uses the weighted-average method. The company had 3,000 units in work in proc
    5·1 answer
  • Worthington Machining must decide whether to purchase Process A with specialized metal folding equipment needing two employees t
    11·1 answer
  • If the marginal propensity to consume is two thirds, then an increase in personal income taxes of $100 will most likely result i
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!