On October 5th XYZ company sells $570 worth of merchandise to one of its customers on credit (you can ignore cost of goods sold for this one). The state/local sales tax rate in their area requires them to collect 8.5% sales tax on all products sold. Prepare the journal entry at the time of the sale and the journal entry on November 15th to pay the state/local taxing authorities the sales tax collected during the prior month. (Hint: use the Account List - click to pop open to help you with your journal entries) Date 10/05 11/15 Description Debit Credit to record the sale of merchandise and collection of sales tax to record the payment of the prior month's sales tax