During the month of June, Windsor Boutique had cash sales of $220,500and credit sales of $119,700, both of which include the 5% sales tax that must be remitted to the state by July 15.

Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements.

Exercise 13-5 Your answer is partially correct. Try again. During the month of June, Windsor Boutique had cash sales of $220,500 and credit sales of $119,700, both of which include the 5% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 nancial statements. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit .................... a .................... , Sales Tax Payable _