Question: Accounting math question. Please answer in format shown. On July 5, Family Company recorded sales of merchandise inventory on account exist45,000. The sales were subject
On July 5, Family Company recorded sales of merchandise inventory on account exist45,000. The sales were subject to sales tax of 4%. On August 15. Family Company paid exist1, 300 of sales tax to the state. Requirements Journalize the transaction to record the sale on July 5 Ignore cost of goods sold. Journalize the transaction to record the payment of sales tax to the state. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Requirement 1 Journalize the transaction to record the sale on July 5 Ignore cost of goods sold. (Prepare a single compound entry for this transaction.)
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