cantrell company is required by law to collect and remit sales taxes to the state. if cantrell has 5500 of cash sales that are subject to an 8% sales taxes. what is the journal entry to record the cash sales?

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cantrell company is required by law to collect and remit sales taxes to the state. if cantrell has 5500 of cash sales that are subject to an 8% sales taxes. what is the journal entry to record the cash sales?

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Darshita6.14K 0 Comments

cantrell has 5500 of cash sales that are subject to an 8% sales taxes.

So tax will be

=5500 *8%

=440

Company has to collect and remit sales taxes of $ 440 to the state.

Dr Cash $ 5940
Cr Sales $ 5500
Cr Sales Taxes Payable $440
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