In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Wildhorse Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $27,500 and sales taxes $1,375. 2. Carla Vista Company does not segregate sales and sales taxes. Its register total for April 15 is $19,610, which includes a 6% sales tax. (a) Prepare the entry to record the sales transactions and related taxes for Wildhorse Company. (List all debit entries before credit entries. Credit occount titles ore automatically indented when omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter of for the omounts) During the month of March, Carla Vista Co's employees earned wages of $66,000. Withholdings related to these wages were $5,049 for FICA, $7,920 for federal income tax, $3,300 for state income tax, and $396 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $660 for state unemployment tax. (a) Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will be paid during April. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter ofor the amounts.) Sheridan Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2025, Sheridan sells 10,500 subscriptions for cash, beginning with the December issue. Sheridan prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. (a) Prepare the entry in November for the receipt of the subscriptions, (List all debit entries before credit entries. Credit account titles are automatically indented when omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) On August 1, 2025, Swifty Corporation issued $505,200,8%,10-year bonds at face value. Interest is payable annually on August 1 . Swifty's year-end is December 31. (a) Prepare the journal entry to record the issuance of the bonds. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Carla Vista Co. issued $700,000,10-year, 7% bonds at 103 . (a) Prepare the journal entry to record the sale of these bonds on January 1, 2025. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required. select "No Entry" for the account tittes and enter o for the amounts.) Prepare the journal entry to record the sale of these bonds on January 1,2025. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
