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Smith company includes sales tax in its sales amount.

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Reference no: EM13872001

Smith Company is required to charge customers an 8% sales tax on all goods it sells. Smith Company includes sales tax in its sales amount. At the end of May, Smith Company's sales account for May has a credit balance of $540,000. Prepare the sales tax adjusting journal entry for the end of May. 

Reference no: EM13872001

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