Exercise 7.3 (Algo) Recording sales made for cash and on account, with 8 percent sales tax. LO 7-1 The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales: DATE TRANSACTIONS 20X1 May 1 Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,250 plus 8 percent sales tax, terms 1/30. 15 Recorded cash sales, $3,300 plus 8 percent sales tax. 31 Received payment on account due from Bill Gomez for the sale on May 1. Required: Record the above transactions in a general Journal: View transaction list Journal entry worksheet Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,250 plus 8 percent sales tax, terms n/30. Note: Enter debits before credits. General Journal Debit Credit Date May 1, 20X1 Record entry Clear entry View general journal