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Prepare the adjusting entry that should be recorded

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Question - During the month of June, Atel Lts had cash sales of $345,200 and credit sales of $467,700, both of which include the 8% sales tax that must be remitted to the state by July 15.

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

Reference no: EM132856824

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