Brief Exercise 6.9 (Static) Sales Returns and Allowances (LO6-6) Smith & Sons Inc. is a sporting goods manufacturer. The firm uses a periodic inventory system. Smith & Sons shipped $30,000 of defective goods to a retailer. The retailer and Smith & Sons agreed that the retailer would keep the goods in exchange for a $3,000 allowance. The cost of the goods was $20,000. What journal entry (or entries) would Smith & Sons make to record this agreement? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list