Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During the month of June, Cheyenne's Boutique had cash sales of R$238,500 and credit sales of R$138,330, both of which include the 6% sales tax
During the month of June, Cheyenne's Boutique had cash sales of R$238,500 and credit sales of R$138,330, both of which include the 6% sales tax that must be remitted to the government by July 15.
How would the adjusting entry change if the 6% tax was a VAT rather than a sales tax?
Adjusting entry will be:?
Date | Particulars | Debit | Credit |
30-Jun | |||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started