In providing accounting services to small business, you encounter the following situations pertaining to cash sales. (1)
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Question:
In providing accounting services to small business, you encounter the following situations pertaining to cash sales.
(1) Warner Company rings up sales and sales taxes separately on its cash register. On September 10 the register totals are sales $25,000 and sales taxes $1,500.
(2) Grant Company does not segregate sales and sales taxes. Its register total for April 15 is $22,260, which includes a 6% sales tax.
Instructions
Prepare the entries to record the sales transactions and related taxes for (a) Warner Company and (b) Grant Company.
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