Reference no: EM13915337
Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $10,500 of cash sales that are subject to an 8% sales tax, what is the journal entry to record the cash sales?
a Debit Accounts Receivable $11,340; credit Sales $10,500; credit Sales Taxes Payable $840.
b Debit Cash $11,340; credit Sales $10,500; credit Sales Taxes Payable $840.
c Debit Sales Taxes Payable $840; debit Cash $9,660; credit Sales $10,500.
d Debit Cash $10,500; credit Sales $9,660; credit Sales Taxes Payable $840.
e Debit Cash $10,500; credit Sales $10,500; and record the taxes when paid.
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