E5B-30 (book/static) Question Help Journalize the following sales transactions for Straight Shot Archery using the periodic inventory system. Explanations are not required. The company estimates sales retums 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, 1/30. Date Accounts Debit Credit Aug X i More Info Aug. 1 Sold $6,500 of equipment on account, credit terms are 1/10, n/30. 8 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 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. Print Done