In providing accounting services to small business, you encounter the following situations pertaining to cash sales.
(1) Sheffield Company rings up sales and sales taxes separately on its cash register. On April 10 the register totals are sales $34,000 and sales taxes $3,300.
(2) Karen Company does not segregate sales and sales taxes. Its register total for April 15 is $28,080, which includes an 8% sales tax.
Prepare the entries to record the sales transactions and related taxes for Sheffield Company.
Prepare the entries to record the sales transactions and related taxes for Karen Company.
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