During the month of June, Sandhill Boutique recorded cash sales of $204,580 and credit sales of...

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During the month of June, Sandhill Boutique recorded cash sales of $204,580 and credit sales of $175,642, both of which include the 6% 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 June 30 Sales Revenue Sales Tax Payable Debit Credit During the month of June, Sandhill Boutique recorded cash sales of $204,580 and credit sales of $175,642, both of which include the 6% 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 June 30 Sales Revenue Sales Tax Payable Debit Credit

Answer rating: 100% (QA)

Date Account Titles and Explanation Debit Credit June 30 Sales Revenue 38... View the full answer