Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $8,500 of cash sales that are subject to an 7% sales tax what is the journal entry to record the cash sales?
E) Debit Cash $8,500, credit Sales $8.500; and record the taxes when paid.
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Home » Business » Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $8,500 of cash sales that are subject to an 7% sales tax what is the journal entry to record the cash sales? A) Debit Cash $8,500, credit Sales $7.