Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Transcribed Image Text:During the month of June, Novak Boutique recorded 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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit June
30 enter an account title for the adjusting entry on June 30 Sales Revenue Correct answer enter a debit amount 250653 Incorrect answer enter a credit amount Incorrect answer enter an account
title for the adjusting entry on June 30 Sales Taxes Payable Correct answer enter a debit amount Incorrect answer enter a credit amount 250653 Incorrect answer
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