In Providing Accounting Services to Small Business, You Encounter the Following

question 29

Essay

In providing accounting services to small business, you encounter the following situations pertaining to cash sales.
(1) Kushner Company rings up sales and sales taxes separately on its cash register. On April 10 the register totals are sales $40,000 and sales taxes $2,800.
(2) Grant Company does not segregate sales and sales taxes. Its register total for April 15 is $22,260, which includes a 6% sales tax.
Instructions
Prepare the entries to record the sales transactions and related taxes for (a) Kushner Company and (b) Grant Company.

---

Definitions:

Health Check

An evaluation or assessment of the current state of health, whether for an individual, system, or organization, to identify areas needing improvement.

Cognitive

Related to the mental processes involved in gaining knowledge and comprehension, including thinking, knowing, remembering, judging, and problem-solving.

Behavioural

Relating to the actions or reactions of an individual or group in response to external or internal stimuli.

Emotional

Relating to one's feelings or emotions.