Question: Please help me out! Kathy's Corner Store has total cash sales for the month of $35,000 excluding sales taxes. If the sales tax rate is

Please help me out! Kathy's Corner Store has total cash sales for Please help me out!

Kathy's Corner Store has total cash sales for the month of $35,000 excluding sales taxes. If the sales tax rate is 3%, which journal entry is needed? (Ignore Cost of Goods Sold.) debit Cash $35,000 and credit Sales Revenue $35,000. debit Cash $36, 050, credit Sales Revenue $35,000 and credit Sales Tax Payable $1, 050. debit Cash $33, 950, debit Sales Tax Receivable for $1, 050 and credit Sales Revenue for $35,000. debit Cash $36, 050, credit Sales Revenue $36, 050

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