In performing accounting services for small businesses, you encounter the following situations pertaining to cash...
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In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Oriole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $24.500 and sales taxes $1.225. 2. Sheridan Company does not segregate sales and sales taxes. Its register total for April 15 is $16,430, which includes a 6% sales tax. Your answer is correct. Prepare the entry to record the sales transactions and related taxes for Oriole Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 10 Cash 25725 Sales Revenue 24500 Sales Taxes Payable 1225 eTextbook and Media List of Accounts - Your answer is partially correct. Prepare the entry to record the sales transactions and related taxes for Sheridan Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 15 Cash 12840 Sales Revenue 12000 Sales Taxes Payable 720
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