Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 5 of 1 2 0 . 2 9 2 In performing accounting services for small businesses, you encounter the following situations pertaining to cash

Question 5 of 12
0.292
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.
Cerviq Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $22,000 and sales taxes $1,100.
Quartz Company does not segregate sales and sales taxes. Its register total for April 15 is $13,780, which includes a 6% sales tax.
Prepare the entries to record the sales transactions and related taxes for Cerviq Company and Quartz Company. (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 0 for the amounts.)
No. Date Account Titles and Explnation
Debit
Credit
Cerviq Company
Apr. 10
Quartz Company
image text in transcribed

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

Mastering Accounting Skills

Authors: Margaret Nicholson

3rd Edition

1403992703, 978-1403992703

More Books

Students also viewed these Accounting questions