Prepare the entry to record the sales transactions

Assignment Help Accounting Basics
Reference no: EM132202289

Question - 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.

Prepare the entry to record the sales transactions and related taxes for Oriole Company.

Reference no: EM132202289

Questions Cloud

Determine dollar sales to attain the company target profit : The contribution margin ratio of Candle Corporation's only product is 67%. Determine the dollar sales to attain the company's target profit
Calculate value of goodwill under annuity of super profits : Calculate the value of goodwill under annuity of super profits, from the following information: Reasonable rate of expected returns on capital - 10%
Calculate depreciation expense and accumulated depreciation : Calculate the Depreciation Expense, accumulated depreciation and book value of the asset for each of the 5 years of the asset's life
What step is not involved in setting up the payable ledger : What step is not involved in setting up the payable's ledger? What mistakes cannot be corrected after you have entered the history for the payable's ledger
Prepare the entry to record the sales transactions : Oriole Company enters sales and sales taxes separately on its cash register. Prepare the entry to record the sales transactions and related taxes for Oriole
Prepare the entries on each of the three dates : On January 1, Blue Spruce Corp. had 61,100 shares of no-par common stock issued and outstanding. Prepare the entries, if any, on each of the three dates
Upholding police department ethics and code of conduct : ANALYZE the role of Internal Affairs in upholding a police department’s ethics and code of conduct.
Public health emergencies require coordinated : Public health emergencies require a coordinated, multidisciplinary response.
Entrepreneurs have high energy levels : Some countries practice countertrade policies to protect “infant industries.” Entrepreneurs have high energy levels.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Determine the profit generated by the estimator

Your company completed the site work for the South Pointe office complex. The costs are shown in Figure 11-3. The site concrete labor and landscaping were done by subcontractors.

  Primary uses of a standard cost system

What are the three primary uses of a standard cost system? What is the difference between ideal standards and currently attainable standards?

  Contemporary designs inc is an interior-decorating firm

contemporary designs inc. is an interior-decorating firm. customers must pay 50 percent of their estimated bill before

  Determine the cost behavior formula of each resource

Determine the cost behavior formula of each resource. Use the high-low method to assess the fixed and variable components

  The following information is available for your first year

Receivables Management as the manager of the accounts receivable department for Beavis Leather Goods, Ltd., you recently noticed that Kelly Collins, your accounts receivable clerk who is paid $1,200 per month, has been wearing unusually tasteful and ..

  Hodge corporation issued 100000 shares of 20 par value

hodge corporation issued 100000 shares of 20 par value cumulative 6 preferred stock on jan 1 2013 for 2300000. in

  Freds bakery produces a product that passes through two

freds bakery produces a product that passes through two departments mixing and cooking. both departments use the fifo

  What is the potential pitfall to diners if it exercises

What is the potential pitfall to Diners if it exercises too much control over its franchises?

  Target contribution margin-amount of actual sales

Contribution margin to sales ratio is 84% for the ABC Co. and the breakeven point in sales is Rs. 150,000. The company desires a target net income of Rs. 42,000.

  Discuss problems in the area of revenue recognition

In the article in this week's weblinks, entitled "PCAOB Finds Deficiencies Galore", and inspection of the 8 largest audit firm's practices revealed continuing.

  Predict the break even point for prodcut

a. Predict the break even point for Prodcut A in terms of [a] units and b dollars of sales. b. Prepare an income statement showing sales, fixed costs, and variable costs for product A at the break even point.

  Prepare the companys cash budget for february

Prepare the company's cash budget for February in good form. Make sure to indicate what borrowing, if any, would be needed to attain

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd