Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in performing accounting services for small busine

In performing accounting services for small businesses, you encounter the following situations pertaining to cash...

60.1K

Verified Solution

Question

Accounting

image
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Skysong, Inc. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $32,500 and sales taxes $1,625 2. Oriole Company does not segregate sales and sales taxes. Its register total for April 15 is $25,038, which includes a 7% sales tax. Prepare the entries to record the sales transactions and related taxes for Skysong, Inc. and Oriole Company. (Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A community lives in a remote area next to a lake and they rely on the...

Civil Engineering
Q

Imagine this system is at equilibrium Adding HCI to it would cause which of the...

Biology
Q

In a single slit diffraction the first minimum is at angle 30 when light of...

Physics
Q

Two bodies of masses 10 gm and 90 gm are connected by a weightless spring...

Physics
Q

A agent is authorized by the principal to handle a definite business transaction or to...

Basic Math
Q

WoodCom manufactures 4 types of wooden products Each type of product requires rocessing times for...

Basic Math
Q

Write the equation of the ellipse that has a center at 1 6 a focus...

Basic Math
Q

Lenning Corporation uses the FIFO method in its process costing. The following data pertain to...

Accounting
Q

Information concerning a product produced by Solomon Company appears as follows: $ 161 $ 89...

Accounting
Q

discuss in detail how performance evaluation can be impacted by the choice of a costing...

Accounting
Q

QUESTION FIVE (20 Marks) 5.1 Revenue grew 11% in the year to end-December 2018, but...

Finance
Q

need help trying to figure out free cash flow for the attached income statement and...

Finance