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Help In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Windsor, Inc. enters sales and sales taxes
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In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Windsor, Inc. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $33,500 and sales taxes $1,675. Sheridan Company does not segregate sales and sales taxes. Its register total for April 15 is $26,352, which includes a 8% sales tax. 2. Prepare the entries to record the sales transactions and related taxes for Windsor, Inc. and Sheridan Company. Omit the cost of goods sold entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Debit Credit Account Titles and Explanation Windsor, Inc. 1. Apr. 10 Sheridan Company 2. Apr. 15 VStep by Step Solution
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