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In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. Windsor Inc., enters sales and sales taxes separately on
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.
- Windsor Inc., enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales of $33,500 and sales taxes of $1675.
- Sheridan Company does not segregate sales and sales taxes. Its register total for April 15 is $26,352 which includes an 8% sales tax.
Prepare the entries to record the sales transactions and related taxes for Windsor, Inc. and Sheridan Co.
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