performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. Oriole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $30,000 and sales taxes $1,500. - Sheridan Company does not segregate sales and sales taxes. Its register total for April 15 is $22,260, which includes a 6% sales tax.

performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. Oriole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $30,000 and sales taxes $1,500. - Sheridan Company does not segregate sales and sales taxes. Its register total for April 15 is $22,260, which includes a 6% sales tax.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 4PA: The following transactions were completed by Hammond Auto Supply during January, which is the first...

See similar textbooks

Similar questions

The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
Bell Florists sells flowers on a retail basis. Most of the sales are for cash; however, a few steady customers have credit accounts. Bells sales staff fills out a sales slip for each sale. There is a state retail sales tax of 5 percent, which is collected by the retailer and submitted to the state. The balances of the accounts as of March 1 have been recorded in the general ledger in your Working Papers or in CengageNow. The following represent Bell Florists charge sales for March: Mar. 4Sold potted plant on account to C. Morales, sales slip no. 242, 27, plus sales tax of 1.35, total 28.35. 6Sold floral arrangement on account to R. Dixon, sales slip no. 267, 54, plus sales tax of 2.70, total 56.70. 12Sold corsage on account to B. Cox, sales slip no. 279, 16, plus sales tax of 0.80, total 16.80. 16Sold wreath on account to All-Star Legion, sales slip no. 296, 104, plus sales tax of 5.20, total 109.20. 18Sold floral arrangements on account to Tucker Funeral Home, sales slip no. 314, 260, plus sales tax of 13, total 273. 21Tucker Funeral Home complained about a wrinkled ribbon on the floral arrangement. Bell Florists allowed a 30 credit plus sales tax of 1.50, credit memo no. 27. 23Sold flower arrangements on account to Price Savings and Loan Association for its fifth anniversary, sales slip no. 337, 180, plus sales tax of 9, total 189. 24Allowed Price Savings and Loan Association credit, 25, plus sales tax of 1.25, because of a few withered blossoms in floral arrangements, credit memo no. 28. Required 1. Record these transactions in the general journal. 2. Post the amounts from the general journal to the general ledger and accounts receivable ledger: Accounts Receivable 113, Sales Tax Payable 214, Sales 411, Sales Returns and Allowances 412. 3. Prepare a schedule of accounts receivable and compare its total with the balance of the Accounts Receivable controlling account.
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. Crane Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $23,000 and sales taxes $1,150. 1. 2. Sunland Company does not segregate sales and sales taxes. Its register total for Alpril 15 is $11,340, which includes a 8% sales tax.
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Sunland Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $31,500 and sales taxes $1,575. 2. Crane Company does not segregate sales and sales taxes. Its register total for April 15 is $23,850, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Sunland 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 Sunland 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 Sunland Company on April 10 enter a debit amount enter a…
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Sandhill Co. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $27,000 and sales taxes $1,350. 2. Carla Vista Co. does not segregate sales and sales taxes. Its register total for April 15 is $19,080, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Sandhill Co. Date Account Titles and Explanation Debit Credit Apr. 10 enter an account title to record the sales transactions and related taxes for Sandhill Co. on April 10enter an account title to record the sales transactions and related taxes for Sandhill Co. on April 10
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Pina Colada Corp. enters sales and sales taxes separately in its cash register. On April 10, the register totals are sales $37,000 and sales taxes $1,850. 2. Cullumber Company does not segregate sales and sales taxes. Its register total for April 15 is $22,896, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for each client. Omit the cost of goods sold entry.
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Poole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $52,000 and sales taxes $2,600. 2. Waterman Company does not segregate sales and sales taxes. Its register total for April 15 is $25,380, which includes a 8% sales tax. Prepare the entry to record the sales transactions and related taxes for each client.
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Carla Vista Co. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $26,500 and sales taxes $1,325. 2. Wildhorse Co. does not segregate sales and sales taxes. Its register total for April 15 is $18,550, which includes a 6% sales tax. (a) Prepare the entry to record the sales transactions and related taxes for Carla Vista Co.. (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 Carla Vista Co. on April 10enter an account title to record the sales transactions and related taxes for Carla Vista Co. on April 10 enter a debit amountenter a debit amount enter a credit amountenter a…
In performing accounting services for small businesses, you encounter the following situations per taining to cash sales. 1. Tamarisk, Inc. enters sales and sales taxes separately in its cash register. On April 10, the register totals are sales $37,500 and sales taxes $1,875. 2. Ivanhoe Company does not segregate sales and sales taxes. Its register total for April 15 is $24,610, which includes a 7% sales tax. Prepare the entry to record the sales transactions and related taxes for each client. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit Tamarisk, Inc. 1. choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit…
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. Oriole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $30,000 and sales taxes $1,500. 1. 2. Sheridan Company does not segregate sales and sales taxes. Its register total for April 15 is $18,550, which includes a 6% sales tax. Show Transcribed Text (b) Your answer is partially correct. Prepare tabular summaries to record the sales transactions and related taxes for Sheridan Company. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Apr. 15 $ Assets Cash 18,550 $ C Liabilities Sales Taxes Pay. $ Pd. in Cap. Common Stock $ Reven
In performing accounting services for small businesses, you encounter these situations pertaining to cash sales. 1. Oriole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $53,000 and sales taxes $2,650. Sheffield Company does not segregate sales and sales taxes. Its register total for April 15 is $24,300, which includes a 89% sales tax. 2. Prepare the entries to record the sales transactions and related taxes for each client. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit ORIOLE COMPANY SHEFFIELD COMPANY >
When performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. (a) "A" Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are Sales $22,000 and Sales Taxes $1,100. (b) "B" Company does not segregate sales and sales taxes. Its register total for April 15 is $13,780, which includes a 6% sales tax. Instructions Prepare the entries to record the sales transactions and related taxes for (a) "A" Company and (b) "B" Company. (a) (b) "A" Company "B" Company