During the month of June, Cullumber Boutique had cash sales of $325,420 and cred

Question

During the month of June, Cullumber Boutique had cash sales of $325,420 and credit sales of $141,510, 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.)

Date

Account Titles and Explanation

Debit

Credit

Date

Account Titles and Explanation

Debit

Credit

Explanation / Answer

Date Account Titles and Explanation Debit Credit June 30 Sales($325,420 + $141,510) × 6/106 $26,430 Sales tax payable $26,430

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