Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $426,000 of merchandise on account, subject to a sales tax of 8%. The cost of the goods sold was $251,340. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales 426,000 Sales Tax Payable Cost of Goods Sold Inventory Feedback Check My Work (a) Two entries are required: (1) for the sale on account including sales tax (2) for the cost of the goods sold and inventory decrease on the seller's records. b. Paid $49,640 to the state sales tax department for taxes collected. If an amount box does not require an entry, leave it blank. Sales Tax Payable Cash