Exercise 10-4

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

1. Cullumber Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $29,000 and sales taxes $1,450. 2. Ivanhoe Company does not segregate sales and sales taxes. Its register total for April 15 is $17,820, which includes a 8% sales tax.

Prepare the entry to record the sales transactions and related taxes for Cullumber Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date Account Titles and Explanation Debit Credit Apr. 10 enter an account title to record the sales transactions and related taxes for Cullumber Company on April 10 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Cullumber Company on April 10 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Cullumber Company on April 10 enter a debit amount enter a credit amount

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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 Debit Credit Apr. 15 enter an account title to record the sales transactions and related taxes for Ivanhoe Company on April 15 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Ivanhoe Company on April 15 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Ivanhoe Company on April 15 enter a debit amount enter a credit amount