Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 263 In providing accounting services to small business, you encounter the following situations pertaining to cash sales (1) (2) Marigold Company rings up sales

image text in transcribed
Exercise 263 In providing accounting services to small business, you encounter the following situations pertaining to cash sales (1) (2) Marigold Company rings up sales and sales taxes separately on its cash register. On April 10 the register totals are sales $69,000 and sales taxes $2,500. Sandra Company does not segregate sales and sales taxes. Its register total for April 15 is $21,600, which includes a 8% sales tax. Prepare the entries to record the sales transactions and related taxes for Marigold Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Apr. 10 automatically indented when the amount is entered Benet indent Prepare the entries to record the sales transactions and related taxes for Sandra Company. (Credit account titles manually. Round answers to o decimal places, g. 5,275.) Debit Credit Date Account Titles and Explanation Apr 15

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

African Charter For Internal Audit Of Cooperative Governance

Authors: Donfack MEKONTCHOU ROCHE

1st Edition

6205541777, 978-6205541777

More Books

Students also viewed these Accounting questions

Question

explain what is meant by the terms unitarism and pluralism

Answered: 1 week ago