SALES TRANSACTIONS AND TACCOUNTS Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Dis- counts, enter the following sales transactions. Use a new set of accounts for each part, 1-5. 1. No sales tax. (a) Merchandise is sold for $ 250 cash. (b) Merchandise is sold on account for $225. (c) Payment is received for merchandise sold on account. 2. 6% sales tax. (a) Merchandise is sold for $250 cash plus sales tax. (b) Merchandise is sold on account for $225 plus sales tax. (c) Payment is received for merchandise sold on account. Testimod 3. Cash and credit sales, with returned merchandise. (a) Merchandise is sold for $481 cash. (b) $18 of merchandise sold for $481 is returned for a refund. (c) Merchandise is sold on account for $388. (d) $24 of merchandise sold for $388 is returned for a credit. (e) Payment is received for balance owed on merchandise sold on account. 4. 6% sales tax, with returned merchandise. (a) Merchandise is sold on account for $480 plus sales tax. (b) Merchandise sold on account for $30 plus sales tax is returned. (c) The balance on the account is received in cash. (d) Merchandise is sold for $300 cash plus sales tax. (e) $30 of merchandise sold for $300 cash plus sales tax is returned for a refund. 5. Sales on account, with 2/10, n/30 cash discount terms. (a) Merchandise is sold on account for $280. (b) The balance is paid within the discount period. (c) Merchandise is sold on account for $203. (d) The balance is paid after the discount period