Cantrell Company is required by law to collect and send sales taxes to the state. If Cantrell has $5,500 of cash sales that are subject to an 8% sales tax, what is the journal entry to record the cash sales? Multiple Choice Debit Cash $5,500; credit Sales $5,060; credit Sales Taxes Payable $440 Debit Accounts Receivable $5,940; credit Sales $5.500, credit Sales Taxes Payable $440 Debit Cash $5,940: credit Soles $5.500; credit Sales Taxes Payable $440 Debit Cash $5,500 credit Sales $5.500, and record the taxes when paid. Debit Sales Taxes Payable $440, debit Cash $5,060, credit Sales $5,500