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Prepare the entries to record the sales transactions and related taxes for Pharoah Company and Cullumber Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Prepare the entries to record the sales transactions and related taxes for Pharoah Company and Cullumber Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

FINANCIAL ACCOUNTING
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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Subject: acounting 

In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. Pharoah Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $42,500 and sales taxes $2,125. 1. 2. Prepare the entries to record the sales transactions and related taxes for Pharoah Company and Cullumber Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) No. Cullumber Company does not segregate sales and sales taxes. Its register total for April 15 is $24,084, which includes a 8% sales tax. 2 Date Account Titles and Explanation Pharoah Company Cullumber Company Debit Credit I
Transcribed Image Text:In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. Pharoah Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $42,500 and sales taxes $2,125. 1. 2. Prepare the entries to record the sales transactions and related taxes for Pharoah Company and Cullumber Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) No. Cullumber Company does not segregate sales and sales taxes. Its register total for April 15 is $24,084, which includes a 8% sales tax. 2 Date Account Titles and Explanation Pharoah Company Cullumber Company Debit Credit I
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