Kool's Stores Made Cash Sales During the Month of May

Multiple Choice

Kool's Stores made cash sales during the month of May of $79,000. The sales are subject to a 7% 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 $79,000
B) credit Sales Tax Payable for $73,470
C) credit Sales for $73,470
D) credit Sales Tax Payable for $5,530