Your answer is partially correct. Try again. During the month of June, Larkspur

Question

Your answer is partially correct. Try again. During the month of June, Larkspur Boutique had cash sales of $259,350 and credit sales of $126,420, 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 entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 Sales Revenue 21837 Sales Tax Payable 21836

Explanation / Answer

Date Account titles and explanation Debit Credit June 30 Sales Revenue($259,350 + $126,420) × 5/105 $18,370 Sales Tax Payable $18,370

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