Sales Transactions and T Accounts Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. Use a new set of accounts for each part, 1-5. If required, round your answers to two decimal places. 1. No sales tax. (a) Merchandise is sold for $340 cash. (b) Merchandise is sold on account for $380. (a) Payment is received for merchandise sold on account. Cash 340 (a) (c) 380 Accounts Receivable (b) 380 (0) 380 Sales (a) 340 (b) 380 2. 5% sales tax. (a) Merchandise is sold for $340 cash plus sales tax. (b) Merchandise is sold on account for $380 plus sales tax. (c) Payment is received for merchandise sold on account. Cash (a) (c) Accounts Receivable (c) (b) Sales Tax Payable 17 (a) (b) 19 Sales