E13-5 (LO 1) (Adjusting Entry for Sales Tax) During the month of June, Rowling Boutique recorded...
E13-5 (LO 1) (Adjusting Entry for Sales Tax) During the month of June, Rowling Boutique recorded cash sales of $233,200 and credit sales of $153,700, both of which include the 6% 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.
Homework Answers
Answer -
Cash sales + Credit Sales = $233200 + $153700 =$ 386900
Sales excluding tax = 386900 ÷1.06
= 365000
Therefore, tax amount = 386900- 365000
= 21,900
Adjusting entries are in the image. 
Add Answer to:
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sales tax that must be remitted to the state by July 15.
Prepare the adjusting entry that should be recorded to fairly
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is required, select "No Entry" for the account titles and enter 0
for the amounts. Credit account titles are automatically indented
when amount is...
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During the month of June, Sage Boutique had cash sales of
$183,750 and credit sales of $117,075, 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 0
for the amounts. Credit account titles are automatically indented
when amount is...
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