Campbell Industries sells to wholesalers. Customers must pay within 15 days or at the point of sale using a cre Next questions cost of goods sold is 20% of sales. The company had the following selected transactions during March: (Click the icon to view the transactions.) Read the requirements. Requirement Record Campbell's transactions, including the cost of goods sold entry for each sale. (Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.) March 3: Sold $16,000 of merchandise to Wacht Company on account. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Date Mar 3 Now record the cost of goods sold for the sale of merchandise on March 3. Journal Entry Date Mar 3 Date Mar 4 Accounts Date Mar 4 Accounts Now record the cost of goods sold for the sale of merchandise on March 4. Journal Entry Date Mar 6 March 4: Sold $2,400 of merchandise to Yancy Corp., who paid by credit card. The credit card company charges Campbell a fee of 2% on credit card sales. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Accounts Accounts Debit Accounts Debit 10 Debit Debit Credit March 5: Wacht Company returned $100 of the merchandise from March 3. Do not record the inventory entry yet. We will do that in the next step. Journal Entry Credit Debit Credit Credit CD Credit More info March 3 March 4 March 5 March 7 March 15 March 19 March 21 March 23 March 25 March 31 Sold $16,000 of merchandise to Wacht Company on account. Sold $2,400 of merchandise to Yancy Corp., who paid by credit card. The credit card company charges Campbell a fee of 2% on credit card sales. Wacht Company returned $100 of the merchandise from March 3. Sold $400 of merchandise to Magnum, Inc., on account. Wacht Company paid the balance of what it owed for the purchase on March 3. Sold $21,000 of merchandise to Zabler Co. on account. Zabler reported that some of the merchandise received was scratched and returned $600 worth of merchandise to Campbell. Sold $29,000 of merchandise to Nealers Co. on account. Zabler paid the balance of what it owed for the purchase on March 19. Campbell made the adjusting entries for the month to accrue for estimated future returns. Campbell estimates that 2% of total sales will be returned. X March 5: Wacht Company returned $100 of the merchandise from March 3. Do not record the inventory entry yet. We will do that in the next step. Date Mar 5 Date Mar 5 Now record the inventory entry for the return of merchandise on March 5. Journal Entry Date Mar 7 Accounts Date Mar 7 Journal Entry Accounts Accounts Now record the cost of goods sold for the sale of merchandise on March 7. Journal Entry March 7: Sold $400 of merchandise to Magnum, Inc., on account. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Debit Accounts Debit Debit Debit Credit March 15: Wacht Company paid the balance of what it owed for the purchase on March 3. Inurnal Ent Credit Credit Credit March 15: Wacht Company paid the balance of what it owed for the purchase on March 3. Journal Entry Date Mar 15 Date Mar 19 Accounts March 19: Sold $21,000 of merchandise Zabler Co. on account. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Date Mar 19 Now record the cost of goods sold for the sale of merchandise on March 19. Journal Entry Accounts Date Mar 21 Accounts Debit Accounts Now record the inventory entry for the return of merchandise on March 21. Debit Debit Credit March 21: Zabler reported that some of the merchandise received was scratched and returned $600 worth of merchandise to Campbell. Do not record the inventory entry yet. We will do that in the next step. Journal Entry Debit Credit Credit Credit Now record the inventory entry for the return of merchandise on March 21. Date Mar 21 Date Mar 23 Journal Entry Date Mar 23 Accounts March 23: Sold $29,000 of merchandise Nealers Co. on account. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Now record the cost of goods sold for the sale of merchandise on March 23. Journal Entry Date Mar 25 Accounts Accounts. Debit Accounts Debit March 25: Zabler paid the balance of what it owed for the purchase on March 19. Journal Entry Debit Credit Debit Credit Credit Credit March 31: Campbell made the adjusting entries for the month to accrue for estimated future returns. Campbell estimates that 2% of total sales will be returned. First, prepare the entry to accrue for the estimated sales returns. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Date Mar 31 Accounts Date Mar 31 Now record the cost of goods sold entry for the estimated future returns. (Round your answer to the nearest whole dollar.) Journal Entry Accounts Debit Requirement 2. Calculate the gross sales revenue for the month. The gross sales revenue for the month is Credit Debit Credit Campbell Industries sells to wholesalers. Customers must pay within 15 days or at the point of sale using a cre Next questions cost of goods sold is 20% of sales. The company had the following selected transactions during March: (Click the icon to view the transactions.) Read the requirements. Requirement Record Campbell's transactions, including the cost of goods sold entry for each sale. (Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.) March 3: Sold $16,000 of merchandise to Wacht Company on account. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Date Mar 3 Now record the cost of goods sold for the sale of merchandise on March 3. Journal Entry Date Mar 3 Date Mar 4 Accounts Date Mar 4 Accounts Now record the cost of goods sold for the sale of merchandise on March 4. Journal Entry Date Mar 6 March 4: Sold $2,400 of merchandise to Yancy Corp., who paid by credit card. The credit card company charges Campbell a fee of 2% on credit card sales. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Accounts Accounts Debit Accounts Debit 10 Debit Debit Credit March 5: Wacht Company returned $100 of the merchandise from March 3. Do not record the inventory entry yet. We will do that in the next step. Journal Entry Credit Debit Credit Credit CD Credit More info March 3 March 4 March 5 March 7 March 15 March 19 March 21 March 23 March 25 March 31 Sold $16,000 of merchandise to Wacht Company on account. Sold $2,400 of merchandise to Yancy Corp., who paid by credit card. The credit card company charges Campbell a fee of 2% on credit card sales. Wacht Company returned $100 of the merchandise from March 3. Sold $400 of merchandise to Magnum, Inc., on account. Wacht Company paid the balance of what it owed for the purchase on March 3. Sold $21,000 of merchandise to Zabler Co. on account. Zabler reported that some of the merchandise received was scratched and returned $600 worth of merchandise to Campbell. Sold $29,000 of merchandise to Nealers Co. on account. Zabler paid the balance of what it owed for the purchase on March 19. Campbell made the adjusting entries for the month to accrue for estimated future returns. Campbell estimates that 2% of total sales will be returned. X March 5: Wacht Company returned $100 of the merchandise from March 3. Do not record the inventory entry yet. We will do that in the next step. Date Mar 5 Date Mar 5 Now record the inventory entry for the return of merchandise on March 5. Journal Entry Date Mar 7 Accounts Date Mar 7 Journal Entry Accounts Accounts Now record the cost of goods sold for the sale of merchandise on March 7. Journal Entry March 7: Sold $400 of merchandise to Magnum, Inc., on account. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Debit Accounts Debit Debit Debit Credit March 15: Wacht Company paid the balance of what it owed for the purchase on March 3. Inurnal Ent Credit Credit Credit March 15: Wacht Company paid the balance of what it owed for the purchase on March 3. Journal Entry Date Mar 15 Date Mar 19 Accounts March 19: Sold $21,000 of merchandise Zabler Co. on account. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Date Mar 19 Now record the cost of goods sold for the sale of merchandise on March 19. Journal Entry Accounts Date Mar 21 Accounts Debit Accounts Now record the inventory entry for the return of merchandise on March 21. Debit Debit Credit March 21: Zabler reported that some of the merchandise received was scratched and returned $600 worth of merchandise to Campbell. Do not record the inventory entry yet. We will do that in the next step. Journal Entry Debit Credit Credit Credit Now record the inventory entry for the return of merchandise on March 21. Date Mar 21 Date Mar 23 Journal Entry Date Mar 23 Accounts March 23: Sold $29,000 of merchandise Nealers Co. on account. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Now record the cost of goods sold for the sale of merchandise on March 23. Journal Entry Date Mar 25 Accounts Accounts. Debit Accounts Debit March 25: Zabler paid the balance of what it owed for the purchase on March 19. Journal Entry Debit Credit Debit Credit Credit Credit March 31: Campbell made the adjusting entries for the month to accrue for estimated future returns. Campbell estimates that 2% of total sales will be returned. First, prepare the entry to accrue for the estimated sales returns. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Date Mar 31 Accounts Date Mar 31 Now record the cost of goods sold entry for the estimated future returns. (Round your answer to the nearest whole dollar.) Journal Entry Accounts Debit Requirement 2. Calculate the gross sales revenue for the month. The gross sales revenue for the month is Credit Debit Credit