13. The following are transactions of the Baffin Bay Company a On Feb 3, sold merchandise on account for $30,000, terms 3/15, n30 b. On Feb 15, payment was received on $25,000 worth of merchandise sold on Feb 3. c. On March 1, another $3,000 was collected. d. On March 3, merchandise sold $2,000 was returned by the purchaser and credit was granted by Baffin Bay company Prepare the required journal entries using the gross method, and b. the net method Ignore cost of goods sold.) 14. Island Company records estimated future sales returns and allowances. Total sales $1,550,000, and in the past, sales returns and allowances have been 2 %% of sales. a Record the estimated sales returns and allowances. be Record the return of $1,000 of defective products. Focus