Journalize the following sales transactions for New Sportswear Explanations are not required. The company estimates sales returns at the end of each month (Assu Click the icon to view the transactions) Journalize the sales transactions Explanations are not required (Record debits lirst, then credits Exclude explanations from Journal entries) Jun 1 New20 sold $27,000 of men's sportswear for cash Cost of goods sold is $19.000 Begin by preparing the entry to journalize the sale portion of the transaction Do not record the expense related to the sale. We will do that in the following step Date Accounts Debit Credit Jun 1 Now journalize the expense related to the June 1 sale-Cost of goods sold is 519.000 Date Accounts Debit Credit Jun 1 Jun 5 New2U received a 51.000 sales retum on damaged goods from the customer on June 1 Cost of goods damaged is 5500 Start by preparing the entry to record the sales return and retund of cash. Do not update the Merchandise Inventory with this entry we will do that in the following top Credit Date Accounts Debit Jun Now prepare the only to update the Merchandise Inventory account for the cost of the returned merchandise-Cast of goods returned. 5500 Date Accounts Debit Credit Jun

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