Gambo Industries sells to wholesalers. Customers must pay within $15$ days or at the point of sale using a credit card. Gambo's cost of goods sold is $20\%$ of sales. The company ha the following selected transactions during March:

$($Click the icon to view the transactions.$)$

Read the requirements.

Requirement $1.$ Record Gambo's transactions, including the cost of goods then credits. Exclude explanations from any journal entries$)$

Requirements

Record Gambo's transactions, including the cost of goods sold entry for each sale.

Calculate the gross sales revenue for the month.

More info

$\backslash$table$[[$March $3,$Sold $$17,000$ of merchandise to Watford Company on account.$],[$March $4,\backslash$table$[[$Sold $$1,500$ of merchandise to Yeagley Corp, who paid by credit$],[$card$.$ The credit card company charges Gambo a fee of $2\%$ on credit$],[$card sales.$]]],[$March $5,$Watford Company returned $$800$ of the merchandise from March $3],[$March $7,$Sold $$400$ of merchandise to Macbeth, Inc, on account.$],[$March $15,\backslash$table$[[$Watford Company paid the balance of what it owed for the purchase$],[$on March $3]]],[$March $19,$Sold $$26,000$ of merchandise to Zupko Co$.$ on account.$],[$March $21,\backslash$table$[[$Zupko reported that some of the merchandise received was$],[$scratched and returned $$1,500$ worth of merchandise to Gambo$]]],[$March $23,$Sold $$37,000$ of merchandise to Nelders $C_0.$ on account.$],[$March $25,\backslash$table$[[$Zupko paid the balance of what it owed for the purchase on March$],[19]]],[$March $31,\backslash$table$[[$Gambo made the adjusting entries for the month to accrue for$],[$estimated future returns. Gambo estimates that $4\%$ of total sales will$],[$be returned.$]]]]$