On July 5, Gunther Company recorded sales of merchandise inventory on account, $50,000. The sales were subject to sales tax of 4%. On August 15, Gunther Company paid the sales tax owed to the state from the July 5 transaction 1. Joumalize the transaction to record the sale on July 5 Ignore cost of goods sold Requirements 2 Joumline the transaction to record the payment of sales tax to the state on August 15 Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound entry for this transaction) Date Accounts and Explanation Deb Credit