SALES, SALES RETURNS, AND SALES ALLOWANCES. The contractor sales department of a Builders’ Square store in suburban Chicago had the following salesrelated transactions on a recent day:

a) List price of building supplies sold on credit was $14,700; terms 3/15, n/45.

b) Cash sales of building supplies were $1,150.

ce) A building contractor returned goods with a list price of $1,200. The goods had been sold last week on credit with terms 3/15, n/45, and the contractor had not yet paid for the merchandise.

d) An allowance of $250 was given to a contractor of supplies sold 2 weeks ago. The contractor had paid cash at the time of the sale, and the allowance was paid in cash. lol REQUIRED:

Prepare a journal entry for each of these transactions. Assume that Builders’ Square records sales gross.