On July 5, Summer Company recorded sales of merchandise inventory on account, $40,000. The sales were subject to sales tax of 6%. On August 15, Summer 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. 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.)