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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 12P

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