Cantrell Company is required by law to collect and send sales taxes to the state. If Cantrell has $5,000 of cash sales that are subject to an 7% sales tax, what is the journal entry to record the cash sales? Debit Cash $5,000; credit Sales $5,000; and record the taxes when paid. Debit Accounts Receivable $5,350; credit Sales $5,000; credit Sales Taxes Payable $350. Debit Sales Taxes Payable $350; debit Cash $4,650; credit Sales $5,000. Debit Cash $5,350; credit Sales $5,000; credit Sales Taxes Payable $350. Debit Cash $5,000; credit Sales $4,650; credit Sales Taxes Payable $350. Cantrell Company is required by law to collect and send sales taxes to the state. If Cantrell has $5,000 of cash sales that are subject to an 7% sales tax, what is the journal entry to record the cash sales? Debit Cash $5,000; credit Sales $5,000; and record the taxes when paid. Debit Accounts Receivable $5,350; credit Sales $5,000; credit Sales Taxes Payable $350. Debit Sales Taxes Payable $350; debit Cash $4,650; credit Sales $5,000. Debit Cash $5,350; credit Sales $5,000; credit Sales Taxes Payable $350. Debit Cash $5,000; credit Sales $4,650; credit Sales Taxes Payable $350