Jackson Corporation is a manufacturing company that sells goods to wholesale companies. The customers have to pay at the time of sale by credit card or within 15 days. Jackson's cost of goods sold is 40% of its sales. Click the icon to see the transactions that occurred during March: (Click the icon to view the transactions.) Read the requirements. More Info Requirement 1. Record Jackson's transactions, including the cost of goods sold entry for each sale. (Use the gross method to record the sales transactions. to the nearest whole dollar) March 3 March 3: Sold $12,000 of merchandise to Weller Company on account. Do not record the cost of goods sold entry yet. We will do that in the next step. March 4 Journal Entry Sold $12,000 of merchandise to Weller Company on account. Sold $1,900 of merchandise to Yanson Corp., who paid by credit card. The credit card company charges Jackson a fee of 2% on credit card sales. Date Mar 3 Accounts Debit Credit March 5 March 7 March 15 March 19 March 21 March 23 Now record the cost of goods sold for the sale of merchandise on March 3. Date Journal Entry Accounts March 25 March 31 Debit Credit Weller Company returned $400 of the merchandise from March 3. Sold $300 of merchandise to Mable, Inc., on account. Weller Company paid the balance of what it owed for the purchase on March 3. Sold $26,000 of merchandise to Zeta Co. on account. Zeta reported that some of the merchandise received was scratched and returned $500 worth of merchandise to Jackson. Sold $37,000 of merchandise to Nesbits Co. on account. Zeta paid the balance of what it owed for the purchase on March 19. Jackson made the adjusting entries for the month to accrue for estimated future returns. Jackson estimates that 3% of total sales will be returned. Mar 3 Print Done