Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO T

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In performing accounting services for small businesses, you encounter the following 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 $24,500 and sales taxes $1,225. 2. Sheridan Company does not segregate sales and sales taxes. Its register total for April 15 is $12,840, which includes a 7% sales tax.

Explanation / Answer

Solution:

In the books of Oriole Company

In the books of Sheridan Company

Date Particulars Debit($) Credit($) April 10 Cash 25,725 Sales Tax payable 1,225 Sales Revenue 24,500

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