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What is the journal entry to record these sales

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Question - Peterson Company collects sales taxes at the time of sale for the state. The state has a 7% sales tax rate. If Peterson has $11,000 of cash sales, what is the journal entry to record these sales?

a. Debit Cash $11,000; credit Sales $11,000; and record the taxes when paid.

b. Debit Cash $11,000; credit Sales $10,230; credit Sales Taxes Payable $770.

c. Debit Cash $11,770; credit Sales $11,000; credit Sales Taxes Payable $770.

d. Debit Accounts Receivable $11,770; credit Sales $11,000; credit Sales Taxes Payable $770.

e. Debit Sales Taxes Payable $770; debit Cash $10,230; credit Sales $11,000.

Reference no: EM132559183

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