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Question 9 Your answer is partially correct In performing accounting services for small businesses, you...

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Accounting

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Question 9 Your answer is partially correct In performing accounting services for small businesses, you encounter the following situations per taining to cash sales 1. Monty Corp. enters sales and sales taxes separately in its cash register. On April 10, the register totals are sales $ 35,500 and sales taxes $ 1,775. 2. Wildhorse Co. does not segregate sales and sales taxes. Its register total for April 15 is $ 26,892, which includes a 8% 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 Monty Corp. 37275 1. Apr. 10 Cash 35500 Sales Revenue 1775 Sales Taxes Payable Wildhorse Co. 26892 2. Apr. 15Cash Sales Revenue Sales Taxes Payable

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