During the month of June, Cheyenne Boutique recorded cash sales of $203,520 and credit sales of...
During the month of June, Cheyenne Boutique recorded cash sales
of $203,520 and credit sales of $123,914, 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 0
for the amounts. Credit account titles are automatically indented
when amount is entered. Do not indent manually.)
Homework Answers
| Date | General Journal | Debit | Credit |
| June 30 | Sales Revenue($203,520 + $123,914) - [($203,520 + $123,914) / 1.06] | $18,534 | |
| Sales Taxes Payable | $18,534 |
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for the amounts. Credit account titles are automatically indented
when amount is...
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