Instructions Journalize the entries to record the following selected transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Mar 1 Sold $64,400 of merchandise on account, subject to a sales tax of 4%. The cost of the merchandise sold was $38,240 23 Paid $38,220 to the state sales tax department for taxes collected.