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Question
Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $8,000 of cash sales that are subject to an 8% sales tax, what is the journal entry to record the cash sales?A.Debit Cash $8,000; credit Sales $7,360; credit Sales Taxes Payable $640.
B.Debit Sales Taxes Payable $640; debit Cash $7,360; credit Sales $8,000.
C.Debit Cash $8,000; credit Sales $8,000; and record the taxes when paid.
D.Debit Cash $8,640; credit Sales $8,000; credit Sales Taxes Payable $640.
E.Debit Accounts Receivable $8,640; credit Sales $8,000; credit Sales Taxes Payable $640.
Answer
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