In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales. 1.
Question:
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales.
1. Kemer Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales 30,000 and sales taxes 1,650.
2. Bodrum Company does not segregate sales and sales taxes. Its register total for April 15 is 20,330, which includes a 7% sales tax.
Instructions
Prepare the entry to record the sales transactions and related taxes for each client.
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Related Book For
Financial Accounting IFRS
ISBN: 978-1118285909
2nd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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