During August, Hill Sales Company had these summary transactions: 1. Cash sales of $210,000, subject to sales taxes of 6%. 2. Sales on account of $260,000, subject to sales taxes of 6%. 3. Paid the sales taxes to the state. Required: Prepare journal entries to record the preceding transactions. Chart of Accounts ASSETS CHART OF ACCOUNTS Hill Sales Company General Ledger REVENUE General Ledger ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 189 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 251 Sales Taxes Payable 261 Income Taxes Payable REVENUE 411 Sales EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings 1 2 3 5 6 7 B GENERAL JOURNAL DATE ACCOUNT TITLE I PAGE 1 POST. REF DEBIT CREDIT