Prepare the adjusting journal entry to fairly present

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Reference no: EM133500768

Question: During the month of May, Buddy, Inc. had cash sales of $243,624 and credit sales of $153,687, both of which include Maine sales tax of 5.5% that must be remitted to the state by June 15th. Note that Buddy did not segregate the sales tax from the sales when made during the month. They just record the full amount as sales revenue. Prepare the adjusting journal entry to fairly present the May 31 financial statements.

Reference no: EM133500768

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