Exercise 10-05 In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Ivanhoe Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $24,000 and sales taxes $1,200. 2. Pharoah Company does not segregate sales and sales taxes. Its register total for April 15 is $15,900, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Ivanhoe Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 10 enter an account title to record the sales transactions and related taxes for Ivanhoe Company on April 10 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Ivanhoe Company on April 10 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Ivanhoe Company on April 10 enter a debit amount enter a credit amount SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the entry to record the sales transactions and related taxes for Pharoah Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 15 enter an account title to record the sales transactions and related taxes for Pharoah Company on April 15 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Pharoah Company on April 15 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Pharoah Company on April 15 enter a debit amount enter a credit amount

Exercise 10-05 In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Ivanhoe Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $24,000 and sales taxes $1,200. 2. Pharoah Company does not segregate sales and sales taxes. Its register total for April 15 is $15,900, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Ivanhoe Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 10 enter an account title to record the sales transactions and related taxes for Ivanhoe Company on April 10 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Ivanhoe Company on April 10 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Ivanhoe Company on April 10 enter a debit amount enter a credit amount SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the entry to record the sales transactions and related taxes for Pharoah Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 15 enter an account title to record the sales transactions and related taxes for Pharoah Company on April 15 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Pharoah Company on April 15 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Pharoah Company on April 15 enter a debit amount enter a credit amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Exercise 10-05

In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.

1.		Ivanhoe Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $24,000 and sales taxes $1,200.
2.		Pharoah Company does not segregate sales and sales taxes. Its register total for April 15 is $15,900, which includes a 6% sales tax.

Prepare the entry to record the sales transactions and related taxes for Ivanhoe Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Apr. 10	enter an account title to record the sales transactions and related taxes for Ivanhoe Company on April 10	enter a debit amount	enter a credit amount
	enter an account title to record the sales transactions and related taxes for Ivanhoe Company on April 10	enter a debit amount	enter a credit amount
	enter an account title to record the sales transactions and related taxes for Ivanhoe Company on April 10	enter a debit amount	enter a credit amount

SHOW LIST OF ACCOUNTS
LINK TO TEXT	LINK TO VIDEO

Prepare the entry to record the sales transactions and related taxes for Pharoah Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Apr. 15	enter an account title to record the sales transactions and related taxes for Pharoah Company on April 15	enter a debit amount	enter a credit amount
	enter an account title to record the sales transactions and related taxes for Pharoah Company on April 15	enter a debit amount	enter a credit amount
	enter an account title to record the sales transactions and related taxes for Pharoah Company on April 15	enter a debit amount	enter a credit amount

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