During the month of June, Bench Co. had cash sales of $300,000 and credit sales of $180,000,

Question:

During the month of June, Bench Co. had cash sales of $300,000 and credit sales of $180,000, both of which include the 8% sales tax that must be remitted to the state by July 15.

Instructions
Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements.

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Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 978-1118147290

15th edition

Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

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