Aug. 1: Sold $6,500 of equipment on account, credit terms are 1/10, n/30. Debit Credit Date Accounts Payable 6,435 Aug. 1 Accounts Receivable 6,435 Cash Cost of Goods Sold Delivery Expense Freight In Aug. 8: Straight nt due from August 1, less the discount Merchandise Inventory Purchase Discounts Debit Credit Date Purchase Returns and Allowances Aug. 8 Purchases Refunds Payable Sales Revenue Journalize the following sales transactions for Straight Shot Archery using the periodic inventory system. Explanations are not required. The company estimates sales returns and allowances at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company uses the net amount to record sales. Round all numbers to the nearest whole dollar.) (Click the icon to view the transactions.) Aug. 1 Sold $6,500 of equipment on account, credit terms are 1/10, n/30. More Info Accounts Debit Credit Date 6,435 Accounts Receivable Aug. 1 1 Sold $6,500 of equipment on account, credit terms are 1/10, n/30. Aug. Sales Revenue 6,435 Straight Shot received payment from the customer on the amount due from August 1, less the discount 15 Sold $3,100 of equipment on account, credit terms are n/45, FOB destination Aug. 8: Straight Shot received payment from the customer on the amount due from August 1, less the discount 15 Straight Shot paid $90 on freight out 20 Straight Shot negotiated a $500 allowance on the goods sold on August 15. 24 Received payment from the customer on the amount due from August 15, less the allowance. Credit Accounts Debit Date Aug. 8 Print Done