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Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $9,000 of cash sales that are subject
Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $9,000 of cash sales that are subject to an 6% sales tax, what is the ournal entry to record the cash sales? Multiple Choice Debit Cash $9,000; credit Sales $8,460; credit Sales Taxes Payable $540. Debit Accounts Receivable $9,540; credit Sales $9,000; credit Sales Taxes Payable $540. Debit Cash $9,000; credit Sales $9,000; and record the taxes when paid. Debit Sales Taxes Payable $540; debit Cash $8,460, credit Sales $9,000
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