Lakewood Jewelry sells to retailers who then resell the products. Lakewood does not offer sales discounts for early payment; it asks that customers pay in full within 15 days or at the point of sale with a credit card. The company had the following selected transactions during July:

Requirements

1. Journalize Lakewood’s July transactions. (You do not need to record the cost of goods sold.)

2. Calculate the gross sales revenue for the month.

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July 2 July 3 Sold $50,000 of merchandise to Oceanside Jewels on account. Sold $10,000 of merchandise to Brilliant Crystals, which paid by credit card. The credit card company charges Lakewood a fee of 2% on credit card sales. Oceanside Jewels paid the balance of what it owed for the purchase on July 2. Sold $65,000 of merchandise to Precious Stones on account. Precious Stones noticed that some of the merchandise received was damaged, so it returned $5,000 worth of merchandise to Lakewood. Precious Stones paid the balance of what it owed for the purchase on July 17. July 16 July 17 July 19 July 30