During the month of June, FlounderBoutique recorded cash sales of $219,420 and credit sales of $153,382, 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 June 30 enter an account title for the adjusting entry on June 30 enter a debit amount
During the month of June, FlounderBoutique recorded cash sales of $219,420 and credit sales of $153,382, 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 June 30 enter an account title for the adjusting entry on June 30 enter a debit amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
During the month of June, FlounderBoutique recorded cash sales of $219,420 and credit sales of $153,382, both of which include the 6% sales tax that must be remitted to the state by July 15.
Prepare theadjusting 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.)
Prepare the
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
---|---|---|---|
June 30
|
enter an account title for the adjusting entry on June 30
|
enter a debit amount
|
enter a credit amount
|
enter an account title for the adjusting entry on June 30
|
enter a debit amount
|
enter a credit amount
|
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