Journalize the following sales transactions for Straight Shot Archery using the periodic inventory system. Explanations are not required. The company estimates sales returns and allowances at the end of each month.
Aug. 1 Sold $6,500 of equipment on account, credit terms are 1/10, n/30.
8 Straight Shot received payment from the customer on the amount due from August 1, less the discount.
15 Sold $3,100 of equipment on account, credit terms are n/45, FOB destination.
15 Straight Shot paid $90 on freight out.
20 Straight Shot negotiated a $500 allowance on the goods sold on August 15.
24 Received payment from the customer on the amount due from August 15, less the allowance.