E13-7B (Adjusting Entry for Sales Tax) During the month of June, Bench Co. had cash sales of $300,000 and credit sales of $180,000, both of which include the 8% sales tax that must be remitted to the state by July 15. Instructions Prepare the adjusting en

E13-7B (Adjusting Entry for Sales Tax) During the month of June, Bench Co. had cash sales of $300,000 and credit sales of $180,000, both of which include the 8% sales tax that must be remitted to the state by July 15.

Instructions

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