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cantrell company is required by law to collect and send 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?

Respuesta :

When Cantrell company has $10,500 of cash sales that are subject to an 8% sales tax, then the journal entry will affect a debit to the cash accounts for an amount of $10,500 and a credit to the sales tax at 8 percent of the sales.

A journal entry is an entry that ensures chronological, true and correct maintenance of accounting transaction within an accounting firm for a particular accounting period. The journal entry for the above transaction will be as below,

1.          Cash Ac.                        Dr.          10,500

                  To Sales Tax Ac.                                     840          

                  To, Sales Ac.                                         9660

Learn more about journal entries here:

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