wrecker computing sells merchandise for 5000 cash, Financial Accounting

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wrecker computing sells merchandise for 5000 cash

Wrecker Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $2,900). The sales tax law requires Wrecker to collect 4% sales tax on every dollar of merchandise sold. Record the entry for the $5,000 sale and its applicable sales tax. Also record the entry that shows the remittance of the 4% tax on this sale to the state government on October 15.

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Financial Accounting: wrecker computing sells merchandise for 5000 cash

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