Business, 18.03.2021 23:40 kyleryoung0602

Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $6500 of cash sales that are subject to an 9% sales tax, what is the journal entry to record the cash sales? Question 7 options: Debit Cash $6500; credit Sales $6500; and record the taxes when paid. Debit Accounts Receivable $7085; credit Sales $6500; credit Sales Taxes Payable $585. Debit Sales Taxes Payable $585; debit Cash $5915; credit Sales $6500. Debit Cash $7085; credit Sales $6500; credit Sales Taxes Payable $585. Debit Cash $6500; credit Sales $5915; credit Sales Taxes Payable $585.

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Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $...

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