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. Pharoah Company enters sales and sales taxes separately

image text in transcribed
image text in transcribed
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Pharoah Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $30,500 and sales taxes $1,525. 2. Cullumber Company does not segregate sales nd sales taxes. Its register total for April 15 is $22,790, which includes a 6% sales tax. (a) Your answer is correct. Prepare the entry to record the sales transactions and related taxes for Pharoah Company. (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.) Prepare the entry to record the sales transactions and related taxes for Cullumber Company, (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.)

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

Step: 3

blur-text-image

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

Management Accounting For Decision Makers

Authors: Peter Atrill

9th Edition

9781292204574

More Books

Students also viewed these Accounting questions

Question

10. What is meant by a feed rate?

Answered: 1 week ago

Question

a score of 70 or higher on the test?

Answered: 1 week ago