Grady, Inc. operates a gas station and offers gas at $2.97 per gallon if a customer pays cash and $3.00 per gallon if a customer pays using a credit card. Grady sold 500,000 gallons at $2.97 per gallon during May. In addition, sales tax is 7%, which was $500,000 for May. Grady's journal entry to record sales for May will include a. a debit to Cash for $8,000,000. b. a credit to Sales Taxes Payable $500,000. c. a credit to Sales Revenue for $1,500,000. d. a debit to Sales Taxes Payable for $500,000

Answer rating: 100% (QA)

The correct option is c a credit to Sales Revenue for 1500000 Heres the explanatio... View the full answer