July 5, Family Company recorded sales of merchandise inventory on account, $50,000. The sales were subject to ales tax of 5%. On August 15 , Family Company paid the sales tax owed to the state from the July 5 transaction. equirements Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. .. Journalize the transaction to record the payment of sales tax to the state on August 15. iequirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. (Record debits first, nen credits. Select the explanation on the last line of the journal entry table. Prepare a single compound entry for this ansaction.) Requirement 2. Journalize the transaction to record the payment of sales tax to the state on August 15. (Record debit rst, then credits. Select the explanation on the last line of the journal entry table.)