Antique Mall uses a perpetual inventory system Journalize the following sales transactions for Antique Mail Explanations are not required. The company estimates sales retums at the end of each month (Record debts first Exclude explanations from joumal nines Assume the company records sales at the net amount Round all numbers to the netwo Click the icon to view the transactions) Jan 4 Sold $16,000 of antiques on account, credit terma are 30, to Cavalli Designs. Cost of goods is $8,000 Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step Date Accounts Accounts Receivable--Cavall Designs Sales Revenue Debit Credit 10.000 16,000 Now journalze the expense related to the January 4 sale-Cost of goods. $8,000 Accounts Jan 41 Cost of Goods Sod Merchandise Viventory Debit 8,000 Credi 8000 Jan & Received a $300 sales return on damaged goods from Cavall Designs Cost of goods damaged is $150 Start by preparing the entry to record the sales return and decrease the receivable. Do not update the Merchandise Inventory with this Dale Accounts Refunds Payable Accounts Receivable-Cavall Designs Deb Credit 300 300 I do that in the folowing step