BUS 362 / Spring 2021 Chapter 13 & 14 Practice Exam 1. During month of May, UMPI, Inc. had cash sales of $245,000 and credit sales of $150,000, both of which include Maine sales tax of 5.5% that must be remitted to the state by June 15". Prepare the adjusting journal entry that should be recorded to fairly present the May 31 financial statements