Delta Corporation sold merchandise for $70,000 on credit, which cost $40,000. Subsequently, $7,000 of goods were returned by customers, and $5,000 were still outstanding at the end of the accounting period. Requirements: a. Prepare the journal entry to record the sale of goods by Delta Corporation. b. Record the cost of goods sold. c. Record the return of goods by customers. d. Determine the effect on the accounts receivable account.