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Kool's Stores made cash sales during the month of May of $79,400. The sales are...

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Accounting

Kool's Stores made cash sales during the month of May of $79,400.

The sales are subject to a 6% sales tax that was also collected. Which of the following would be included in the summary journal entry to reflect the May sales transactions?

A.

debit Cash for $79,400

B.

credit Sales Tax Payable for $4,764

C.

credit Sales for $74,636

D.

credit Sales Tax Payable for $74,636

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