net amount.$)$

$($Click the icon to view the transactions.$)$

Journalize the salesitransactions. Explanations are not required. $($Record debits first, then credits. E

Aug. $1$: Mike sold $$22,000$ of men's sportswear for cash. Cost of goods sold is $$9,000.$

Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expe

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Aug$.1,,,],[,,],[,,],[,,,]]$

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Now journalize the expense related to the August $1$ sale$-$Cost of goods sold is $$9,000.$

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Aug$.1,,,],[,,,],[,,,],[,,,]]$

Aug. $5$: Mike received a $$2,500$ sales return on damaged goods from the customer on August $1.$ Cost of goods damaged is $$1,250.$

Start by preparing the entry to record the sales return and refund of cash. Do not update the Merchandise Inventory with this entry. We will do that in the following step.

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Aug$.5,,,]]$