On July 5, Fawn Compary recorded sales of merchand se inventory on account, 440,000 . The sales were subject to sales tax of 7%. On August 15 , Fawn Company paid the sales tax owed to the stale from the July 5 vansaction. Requirements 1. Journaline the transaction to record the sale on July 5 lgnore cost of gsods sold 2. Journalize the transaction to rocord the payment of sales tax to the state on August 15 . Requirement 1. Joumalze the transaction to record the sale on Jiys. lonore cost of goods sold (Hecord debits frut, then credis, Solect the explanation on the last line of the journal entry table. Prepare a single compound entry for this transection.)