At FolktownFolktown Arts, gross sales for the month included:

Sales on account (3/10, n/30) $120,000

Credit Card Sales (2% credit card fee) $150,000

Requirement 1. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. (Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.)

First, record the sales on account.

Next, record the credit card sales.

Now, record the cash payments on account received during the month. (Prepare a compound entry for all cash payments on account received during the month.)

Requirement 2: Calculate the net sales revenue for the month.