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
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter9: Receivables
Section: Chapter Questions
Problem 9.6APR: Sales and notes receivable transactions The following were selected from among the transactions...
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