Niagara Jewelry sells to retailers who then resell the products. Niagara 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 Niagara’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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Sold $150,000 of merchandise to Lakeside Jewels on account. 2 3 July Sold $12,000 of merchandise to Superior Crystals, which paid by credit card. The credit card company charges Niagara a fee of 2% on credit card sales. Lakeside Jewels paid the balance of what it owed for the purchase on July 2. Sold $185,000 of merchandise to Shining Stones on account. Shining Stones noticed that some of the merchandise received was damaged, so it returned $17,000 worth of merchandise to Niagara. Shining Stones paid the balance of what it owed for the purchase on July 17. July July 16 July 17 July 19 so July 30