In performing accounting services for small businesses, you encounter the following situations pertaining to cash...
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Accounting
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Wildhorse Co. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $27,500 and sales taxes $1,375. 2. Carla Vista Co. does not segregate sales and sales taxes. Its register total for April 15 is $16,350, which includes a 9% sa tax. (a) Prepare tabular summaries to record the sales transactions and related taxes for Wildhorse Co. Include margin explanations f the changes in revenues and expenses. (If a transaction couses a decrease in Assets, Llabilities or Stockholders' Equity, place a negativ sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Prepare tabular summaries to record the sales transactions and related taxes for Wildhorse Co. Include margin explanations fo the changes in revenues and expenses. (If a transaction couses a decrease in Assets, Labilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the omount entered for the particular Asset, Liability or Equity item that was reduced.)
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