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Sales Tax Transactions Journalize the entries to record the following selected transactions: a. Sold $640,000 of merchandise on account, subject to a sales tax of

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Sales Tax Transactions Journalize the entries to record the following selected transactions: a. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $385,000. If an amount box does not require an entry, leave it blank. Il Il b. Paid $61,750 to the state sales tax department for taxes collected If an amount box does not require an entry, leave it blank

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