During the month of June, Sweet Boutique recorded cash sales of $241,500 and credit sales of $131,145, both of which include the 5%sales tax that must be remitted to the state by July 15.Prepare the adjusting entry that should be recorded to fairly present the June 30 fınancial statements. (If no entry is required, select "NoEntry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do notindent manually.)DateAccount Titles and ExplanationDebitCreditJune 30eTextbook and MediaList of Accounts

Answer) The following entry must have been passed at the time of booking sales: Account Titles…

During the month of June, Sweet Boutique recorded cash sales of $241,500 and credit sales of $131,145, both of which include the 5% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30

During the month of June, Sweet Boutique recorded cash sales of $241,500 and credit sales of $131,145, both of which include the 5% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 5P

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