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In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Poole Company enters sales and sales taxes separately
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.
1. Poole Company enters sales and sales taxes separately in its cash register. On April 10, the register totals are sales $30,000 and sales taxes $1,500.
2. Waterman Company does not segregate sales and sales taxes. Its register total for April 15 is $25,680, which includes a 7% sales tax.
Prepare the entry to record the sales transactions and related taxes for each client
16 E10-3 17 Apr 10 18 19 20 21 15 22 23 24 25 26 Page 524 Poole Company Waterman Company 16 17 18 19 20 21 22 23 24 25 26
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