Journalize the transaction to record the sale

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Reference no: EM131819652

Question: Recording sales tax On July 5, Fawn Company recorded sales of merchandise inventory on account, $15,000. The sales were subject to sales tax of 6%. On August 15, Fawn Company paid $300 of sales tax to the state.

Requirements: 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold.

2. Journalize the transaction to record the payment of sales tax to the state.

Reference no: EM131819652

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