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Prepare the adjusting entry that should be recorded

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Reference no: EM131692017

Question - During the month of June, Indigo Boutique had 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.

Reference no: EM131692017

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