Dextra Computing sells merchandise for $18,000 cash on September 30 (cost of merchandise is $10,800)

1.

Dextra Computing sells merchandise for $18,000 cash on September 30 (cost of merchandise is $10,800). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $18,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15.

No	Date	General Journal	Debit	Credit
1	Sep 30	Cashselected answer correct	18,360selected answer correct	not attempted
		Salesselected answer correct	not attempted	18,000selected answer correct
		Sales taxes payableselected answer correct	not attempted	360selected answer correct
2	Sep 30	Cost of goods soldselected answer correct	10,800selected answer correct	not attempted
		Merchandise inventoryselected answer correct	not attempted	10,800selected answer correct
3	Oct 15	Sales taxes payableselected answer correct	360selected answer correct	not attempted
		Cashselected answer correct	not attempted	360selected answer correct

----------------------------------------------------------------------------------- 2. Ticketsales, Inc., receives $4,920,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. No Date General Journal Debit Credit 1 Oct 31 Cashselected answer correct 4,920,000selected answer correct not attempted Unearned ticket revenueselected answer correct not attempted 4,920,000selected answer correct 2 Nov 05 Unearned ticket revenueselected answer correct 1,230,000selected answer correct not attempted Earned ticket revenueselected answer correct not attempted 1,230,000selected answer correct -----------------------------------------------------------------------------------

Cala Manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant

Cala Manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. The negotiated purchase price is $215,000 for the lot plus $110,000 for the old building. The company pays $34,000 to tear down the old building and $50,261 to fill and level the lot. It also pays a total of $1,465,515 in construction costs—this amount consists of $1,378,500 for the new building and $87,015 for lighting and paving a parking area next to the building.

  
Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash.

No	Transaction	General Journal	Debit	Credit
1	1	Land sum of yellowselected answer correct	409,261selected answer correct	not attempted
		Land improvementsselected answer correct	87,015selected answer correct	not attempted
		Buildingselected answer correct	1,378,500selected answer correct	not attempted
		Cashselected answer correct	not attempted	1,874,776selected answer correct

----------------------------------------------------------------------------------- 2. On January 2, 2017, the Matthews Band acquires sound equipment for concert performances at a cost of $69,200. The band estimates it will use this equipment for four years, during which time it anticipates performing about 200 concerts. It estimates that after four years it can sell the equipment for $1,000. During year 2017, the band performs 45 concerts.    Compute the year 2017 depreciation using the straight-line method. -----------------------------------------------------------------------------------