Exercise 7.2 Identifying the accounts used to record sales and related transactions. LO 7-1 The transactions below took place at Colorado Outdoor Adventures, a retail business that sells outdoor clothing and camping equipment. Indicate the numbers of the general ledger accounts that would be debited and credited to record each transaction. Transactions Debit ate May 1 Sold merchandise on credit, the transaction involved sales tax. May 2 Received checks from credit customers on account. May 3 Accepted a return of merchandise from a credit customer; the original sale involved sales tax May 4 Sold merchandise for cash the transaction involved sales tax. May 5 Gave an allowance to a credit customer for damaged merchandise; the original sale involved sales tax. May 6 Provided a cash refund to a customer who returned merchandise; the original sale was made for cash and involved sales tax