Prepare journal entries to record Hill Sales Company transactions on August 31. General Joumal Instructions Chart of Accounts ASSETS111Cash121AccountsReceivable141Inventory152PrepaidInsurance181Equipment189AccumulatedDepreciationLIABILITIES211AccountsPayable231SalariesPayable250UnearnedRevenue251SalesTaxesPayable261IncomeTaxesPayableEQUITY311CommonStock331RetainedEarningsREVENUE411SalesEXPENSES500CostofGoodsSold511InsuranceExpense512UtilitiesExpense521SalariesExpense532BadDebtExpense540InterestExpense541DepreciationExpense559MiscellaneousExpenses910IncomeTaxExpense During August, Hill Sales Company had these summary transactions: 1. Cash sales of $250,000, 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