Grayson & Kim Books, is a student co-op. Grayson & Kim Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:

a. Sold merchandise for cash (cost of merchandise $175,870).	$ 321,750
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $668).	1,650
c. Sold merchandise (costing $10,530) to a customer on account with terms n/30.	23,400
d. Collected half of the balance owed by the customer in (c).	11,700
e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid.	1,440
f. Anticipate further returns of merchandise (costing $234) after month-end from sales made during the month.	870

3. Prepare journal entries to record transactions (a) to (f). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

• 1

  Sold merchandise for $321,750 cash. Record the entry.

• 2

  The merchandise sold had a cost of $175,870. Record the entry.

• 3

  Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $1,650 cash refund. Record the entry.

• 4

  The merchandise returned had a cost of $668. Record the entry.

• 5

  Sold merchandise to a customer for $23,400 on account with terms n/30. Record the entry.

• 6

  The merchandise sold had a cost of $10,530. Record the entry.

• 7

  Collected half of the $23,400 balance owed by the customer in transaction c. Record the entry.

• 8

  Granted a partial $1,440 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry.

• 9

  Anticipate further returns of merchandise after year-end from $870 sales made during the year. Record the entry.

• 10

  The anticipated merchandise returns have a cost of $234. Record the entry.