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Exercise 10-4 In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales 1. Ivanhoe Company enters sales and sales
Exercise 10-4 In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales 1. Ivanhoe Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales 29,500 and sales taxes $1,475. 2. Pharoah Company does not segregate sales and sales taxes. Its register total for April 15 is $18,530, which includes a 9% sales tax. Prepare the entry to record the sales transactions and related taxes for Ivanhoe Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Apr. 10 Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the entry to record the sales transactions and related taxes for Pharoah Company, (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Apr. 15 Debit Credit Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT
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