On July$5,$ StanleyStanley Company recorded sales of merchandise inventory on$$ account, $$65,000.$ The sales were subject to sales tax of $5\%.$ On August$15,$ StanleyStanley 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 $15.$

Question content area bottom

Part $1$

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

Debit

Credit

Jul. $5$

Accounts Receivable

$????$

Sales Revenue

$65,000$

Sales Tax Payable

$3,250$

To record sales revenueon account and the related sales tax.