i Requirement - 1. Journalize all necessary transactions for Amazing Sound, Inc., assuming the "net" method is used. No explanations are required. Print Done On July 14, 2018, Amazing Sound, Inc., sold $3,000 of inventory (cost is $2,370) on account to one of its customers. The terms were 3/10, n/30, FOB destination. On July 16, Amazing Sound, Inc., paid freight charges of $75 related to the delivery of the goods sold on July 14. On July 20, $600 of goods (cost is $350) were returned by the customer. On July 23, Amazing Sound, Inc., received payment in full from the customer. Read the fequiremen Start by journalizing the revenue from the July 14 sale of inventory. (Record debits first, then credits. Exclude explanations from any journal entries. Do not yet record the cost related to the sale. We will do this in the next journal entry.) Journal Entry Date Accounts Debit Credit Jul 14 Journalize Amazing Sound's cost of goods sold on July 14. Journal Entry Date Accounts Debit Credit Jul 14 Journalize the freight charges paid on July 16. Journal Entry Date Accounts Debit Credit Jul 16 Next, journalize the return of of the damaged goods on July 20, 2018 Start by recording the adjustment to the amount due from the customer. (Do not yet record the inventory adjustment related to the return. We will do this in the next journal entry.) Journal Entry Date Accounts Debit Credit Jul 20 Now adjust the inventory account for the return on July 20, 2018. Journal Entry Date Accounts Debit Credit Jul 4 Journalize the payment in full on July 23. Journal Entry Date Accounts Debit Credit Jul 23