In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Sheffield Corp. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $38,000 and sales taxes $1,900. 2. Oriole Company does not segregate sales and sales taxes. Its register total for April 15 is $23,220, which includes a 8% sales tax. Prepare the entries to record the sales transactions and related taxes for Sheffield Corp. and Oriole Company. Omit the cost of goods sold entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit Sheffield Corp. 1. Apr. 10 Apr. 15 Oriole Company 2.
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Sheffield Corp. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $38,000 and sales taxes $1,900. 2. Oriole Company does not segregate sales and sales taxes. Its register total for April 15 is $23,220, which includes a 8% sales tax. Prepare the entries to record the sales transactions and related taxes for Sheffield Corp. and Oriole Company. Omit the cost of goods sold entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit Sheffield Corp. 1. Apr. 10 Apr. 15 Oriole Company 2.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.
Sheffield Corp. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales
$38,000 and sales taxes $1,900.
1.
2.
Oriole Company does not segregate sales and sales taxes. Its register total for April 15 is $23,220, which includes a 8%
sales tax.
Prepare the entries to record the sales transactions and related taxes for Sheffield Corp. and Oriole Company. Omit the cost of
goods sold entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Date
Account Titles and Explanation
Debit
Credit
Sheffield Corp.
1.
Apr. 10
Apr. 15
Oriole Company
2.
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