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Exercise 10-3 In performing accounting services to small businesses, you encounter the following situations pertaining to cash sales. 1. Poole Company enters sales and sales
Exercise 10-3
In performing accounting services to small businesses, you encounter the following situations pertaining to cash sales.
1. | Poole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $41,000 and sales taxes $2,050. | |
2. | Waterman Company does not segregate sales and sales taxes. Its register total for April 15 is $26,076, which includes a 6% sales tax. |
Prepare the entry to record the sales transactions and related taxes for each client.
No. Date. Acount Titles and Explanation. Debit. Credit.
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