During the month of june, rowling boutique had cash sales of$233,200 and credit sales of $153,700, both of which include the 6%sales tax that must be remitted to the state by july 15.

instructions

prepare the adjusting entry that should be recorded to fairlypresent the june 30 financial statements.

Cash sales = $233,200 × (100 ÷ 106)

                  = $220,000

Credit sales = $153,700 × (100 ÷ 106)

                  = $145,000

Sales tax revenue = ($220,000 + $145,000) × 6%

                              = $21,900

Therefore, the Journal is as follows:

Sales tax revenue A/c Dr. $21,900

To sales tax payable                       $21,900

(To record the sales tax payable)

a progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. that means it takes a bigger percentage from high income earners than it does from low income people.

i would say a penny hope it you