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In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Skysong Suppliers enters sales and sales taxes separately
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Skysong Suppliers enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales 49,500 and sales taxes 2,475. Sheridan Aquatics does not segregate sales and sales taxes. Its register total for April 15 is 24,300, which includes a 8% sales tax. 2. Prepare the entry to record the sales transactions and related taxes for each client. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit SKYSONG SUPPLIERS SHERIDAN AQUATICS
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