Journalize the following sales transactions for King Company. Explanations are not required.
Apr. 1 King Company sold merchandise inventory for $150. The cost of the inventory was $90. The customer paid cash. King Company was running a promotion and the customer received a $20 award at the time of sale that can be used at a future date on any King Company merchandise.
May 15 The customer uses the $20 award when purchasing merchandise inventory for $30. The cost of the inventory was $18. The customer paid cash.