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Prepare the adjusting entry that should be recorded

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Question - During the month of June, Larkspur Boutique recorded cash sales of $292,950 and credit sales of $125,265, 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: EM132866481

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