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 -----------------------------------------------------------------------------------