Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales 1. Crane Company enters sales and sales taxes separately

image text in transcribed

In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales 1. Crane Company enters sales and sales taxes separately on its cash register. On April 10, the reglster totals are sales $ 34,000 and sales taxes $ 1,700. Sunland Company does not segregate sales and sales taxes. Its register total for April 15 is $ 22,790, which includes a 6% sales tax. 2. Your answer is correct. Prepare the entry to record the sales transactions and related taxes for Crane Company. (Credit account tities are automatkally Indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Apr. 10 Cash Debit Credit 35700 Sales Revenue 34,000 Sales Taxes Payable 1,700 eTextbook and Media List of Accounts Attempts: 1 of 2 used Sunland Prepare the entry to record the sales transactions and related taxes for Sunland Company.(Credit account tities are automatlcally Indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Apr. 15 Cash Debit Credit 22,790 Sales Revenue Sales Taxes Payable

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

Fundamental Accounting Principles Volume 2

Authors: John Wild, Ken Shaw, Barbara Chiappetta

21st Edition

0077716663, 978-0077716660

More Books

Students explore these related Accounting questions

Question

=+b. Create a tagline.

Answered: 3 weeks ago