3. Credit Sales Transactions Company ABC has the following transactions during the year 2018. Transaction 1. On February 1, ABC provides services of $8,000 to customer A on account. The company offers a 20% trade discount when providing services of $5,000 or more to its customers. Transaction 2. On June 8, ABC provides services on account to customer B for $1,500, terms 2/10, n/30. The customer pays for those services on June 15. Transaction 3. On August 12, ABC provides services on account to customer C for $3,000. However, on August 16, the customer is not completely satisfied with the service and the company grants an allowance on the amount owed of $400. On August 20, the customer makes full payment of the balance owed, excluding the allowance.

Q5: Calculate net revenue (show how you get the answer, eg. 2+3+5=10)

Q6: Prepare a journal entry to record the credit sale for transaction 1.

Q7: Prepare a journal entry for June 15 for transaction 2.

Q8: Prepare a journal entry to record the sales allowance for transaction 3.