Question
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.
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How would the adjusting entry change if the 6% tax was a VAT rather than a sales tax?
| Date | Account titles and explanations | debit | credit |
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
5th edition
978-0077924379, 77924371, 978-0078025396, 78025397, 978-0077425654, 77425650, 978-0077667061
