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In performing accounting services for small businesses, you encounter the following situations pertaining to cash saies. 1. Pharoah Company enters sales and sales taxes separately
In performing accounting services for small businesses, you encounter the following situations pertaining to cash saies. 1. Pharoah Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $25,000 and sales taxes $1,250. 2. Cullumber Company does not segregate sales and sales taxes. Its register total for April 15 is $16,960, which includes a 6% sales tak. (a) Prepare the entry to record the sales transactions and related toves for Pharoah Company (Credit account tidier are automatically indented when amount is entered. Do not indent manually. Prepare the entry to record the sales tramactons and related taxes for Pharoah Compary . Credit account etiles are autonvaticaly indented when emount is entered, Do not indent manually
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