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During the month of June, Danielle's Boutique had cash sales of $296,730 and credit sales of $177,660, 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.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941433

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