Sales Tax A sale of merchandise on account for $36,000 is subject to an 8% sales tax. a. Should the sales tax be recorded at the time of sale or when payment is received? b. What is the amount credited to sales? $ c. What is the amount debited to Accounts Receivable? d. What is the account to which the $2,880 ($36,000 x 8%) is credited? keAssignment/takeAssignmentMain doinvoker=&takeAssignmentSession Locator &inprogress-false eBook Calculator Print Item Retail Method A business using the retail method of inventory costing determines that inventory at retail is $775,000. If the ratio of cost to retail price is 66%, what is the amount of Inventory to be reported on the financial statements