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In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales.
1. Furcal Company 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. Crystal Company does not segregate sales and sales taxes. Its register total for April 15 is $17,280, which includes a 8% sales tax.
For number 1 I have my account name and account credits, but just cant figure out the first debt account.
For number 2 I have the account names again, but can't figure neither the debts nor the credits.
Help please
1. Furcal Company 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. Crystal Company does not segregate sales and sales taxes. Its register total for April 15 is $17,280, which includes a 8% sales tax.
For number 1 I have my account name and account credits, but just cant figure out the first debt account.
For number 2 I have the account names again, but can't figure neither the debts nor the credits.
Help please
Prepare the entries to record the sales transactions and related taxes for Furcal Company.?
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