E5-25B Learning Objectives 1, 2: Apply GAAP for proper revenue recognition; account for sales allowances) Niagara Jewelry sells to retailers who then resell the products. Niagara does not offer sales discounts for early payment; it asks that customers pay in full within 15 days or at the point of sale with a credit card. The company had the following selected transactions during July: July July 2Sold $150,000 of merchandise to Lakeside Jewels on account. 3 Sold $12,000 of merchandise to Superior Crystals, which paid by credit card. The 16 Lakeside Jewels paid the balance of what it owed for the purchase on July 2. 19Shining Stones noticed that some of the merchandise received was damaged, so it credit card company charges Niagara a fee of 2% on credit card sales. July July July 17 Sold $185,000 of merchandise to Shining Stoncs on account returned $17,000 worth of merchandise to Niagara. July 30 Shining Stones paid the balance of what it owed for the purchase on July 17 Requirements 1. Journalize Niagara's July transactions. (You do not need to record the cost of goods sold) 2. Calculate the gross sales revenue for the month