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Review Frannie's Food Emporium case study and answer the following question. When setting up the Retail SalesTaxable Product/Service items Income Account field, which account should
Review Frannie's Food Emporium case study and answer the following question.
When setting up the Retail SalesTaxable Product/Service items Income Account field, which account should be selected?
- Sales of Product Income
- Cash-Checking
- Sales Discount
- Undeposited Funds
- Cost of Goods Sold
Frannie's Food Emporium Frannie's Food Emporium sells both taxable and nontaxable items. They use the z-tape from their register (which details the day's sales and payment totals) to enter receipts using a sales receipt in QuickBooks Online. They hold their cash and checks together to make a deposit once a week. Their Mastercard and Visa payments are reported together on the z-tape, but activity needs to be grouped together into one deposit in QuickBooks. Amex payments that are deposited to their bank each day are not grouped with other days' payments. Using the information from the z-tape and the above information. Determine the correct product/service setup required to correctly record this workflow for each item listed below: Sales Amount Retail SalesTaxable 2376.90 Retail Sales Nontaxable 439.22 Sales Tax 222.24 Total Sales 3038.36 Cash 548.25 Check 1256.30 MC/Visa 953.22 Amex 280.59
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