The difference between the amount borre called: We amount borrowed with a pote pavable and the amount paid back is Face Value Principal Cash Interest Accounts Payable on Ac company is required by law to collect and remit sales taxes to the state. If Cantrell has -6,000 of cash sales that are subiect to an 8 sales tax, what is the journal entry to record the cash sales? Debit Cash $8.640: credit Sales SR.000 credit Sales Taxes Payable $640. Debit Sales Taxes Payable $640: debit Cash $7.360: credit Sales $8,000. Debit Cash $8,000; credit Sales $8,000; and record the taxes when paid. Debit Accounts Receivable $8,640; credit Sales $8.000; credit Sales Taxes Payable $640. Debit Cash $8,000, credit Sales $7,360: credit Sales Taxes Payable $640. In the accounting records of the business being sued (the defendant), lawsuits: Should never be recorded. Should always be recorded. Should always be disclosed. Should be recorded if payment for damages is probable and the amount can be reasonably estimated. Should be recorded if related to a Popeye's chicken sandwich. 9) The carrying value of bonds payable at maturity always equals: the amount of discount or premium. the amount of cash originally received in exchange for the bonds plus any unamortized discount or less any premium. the amount of cash originally received in exchange for the bonds. $0. the par value of the bond. 10) A) B) C) D) E) The market price for a bond is 102.5. That means: The market rate of interest is 2.5%. The commission on the purchase of the bond is $102.50. The stated rate of interest is 2.5%. The market rate of interest is 2.5% above the stated rate. The bond will sell for 102.5% of its par value. Page 2