FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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(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.)
Revenue
eTextbook and Media
$
tA
Stockholders' Equity
Expense
Retained Earnings
0
tA
Dividend
Bank charges expense
Sales revenue
Bank charges expense
Miscellaneous expense
Interest expense
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Transcribed Image 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.) Revenue eTextbook and Media $ tA Stockholders' Equity Expense Retained Earnings 0 tA Dividend Bank charges expense Sales revenue Bank charges expense Miscellaneous expense Interest expense
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
expand button
Transcribed Image Text: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
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