On July 5. Stanley Company recorded sales of merchandise inventory on account, $65,000. The sales were subject to sales tax of 8%. On August 15, Stanley Company paid the sales tax owed to the state from the July 5 transaction. Requirements 1 Journalize the transaction to record the sale on July 5. Ignore cost of goods sold 2. Journalize the transaction to record the payment of sales tax to the state on August 15. www Requirement 1. Joumalize the transaction to record the sale on July 5. Ignore cost of goods sold. (Fecord debits first, then credits. Select the explanation on the last line of the joumal enery table. Prepare a single compound entry for this transaction) Date Jut. 5 Accounts and Explanation Debit Credit Requirement 2. Journalize the transaction to record the payment of sales tax to the state on August 15 (Record debts first, then credits. Select the explanation on the last line of the journal every table) Date Aug 15 Accounts and Explanation Debit Credit