Sales tax transactions Instructions Chart of Accounts Journal Instructions Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles A. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $385,000 B. Paid $61,750 to the state sales tax department for taxes collected es tax transactions Instructions Chart of Accounts Journal structions Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 410 Sales 610 Rent Revenue 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies EXPENSES 510 Cost of goods Sold 521 Delivery Expense 522 Advertising Expense Sales tax transactions Instructions Chart of Accounts Journal 710 Interest Expense Instructions Chart of Accounts 216 Salaries Payable Jo 218 Sales Tax Payable 219 Customer Refunds Payable 220 Uneared Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Sales tax transactions Instructions Chart of Accounts Journal Instructions Chart of Accounts Journal JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REE DEBIT CREDIT ASSETS LIABILITIES 1 EQUITY 2 1 4 5 6