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In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Sheridan Company enters sales and sales taxes separately
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Sheridan Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $25,500 and sales taxes $1.275. Blossom Company does not segregate sales and sales taxes. Its register total for April 15 is $17,490, which includes a 6% sales tax 2. Prepare the entry to record the sales transactions and related taxes for Sheridan Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Apr. 10 e Textbook and Media List of Accounts Prepare the entry to record the sales transactions and related taxes for Blossom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Apr. 15 e Textbook and Media List of Accounts
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