In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales. 1.
Question:
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales.
1. Grainger Company rings up sales and sales taxes separately on its cash register. On
April 10 the register totals are sales $25,000 and sales taxes $1,750.
2. Darby Company does not segregate sales and sales taxes. Its register total for April 15 is $13,780, which includes a 6% sales tax.
Instructions
Prepare the entries to record the sales transactions and related taxes for
(a) Grainger Company and
(b) Darby Company.
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Step by Step Answer:
a GRAINGER COMPANY Apr 10 Cash 267...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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