K Suppose Paul's Hardware sells merchandise on account, terms 2/10, n/60, for $700 (the cost of the inventory is $380) on August 17, 2018. Paul's Hardware later received $300 of goods (cost, $95) as sales returns on August 21, 2018. The customer paid the balance due on August 26, 2018. Journalize the August 2018 transactions for Paul's Hardware assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries. Round your answers to the nearest cent, X.XX.) Start by journalizing the revenue portion of the sale for Paul's Hardware on August 17. (Do not yet record the cost related to the sale. We will do this in the next journal entry.) Aug Date Journal Entry Accounts 17 Accounts receivable Sales revenue Debit 475 Credit 475

Suppose Paul's Hardware sells merchandise on account, terms 2/10,n/60, for $700 (the cost of the inventory is $380 ) on August 17, 2018. Paul's Hardware later received $300 of goods (cost, $95 ) as sales returns on August 21, 2018. The customer paid the balance due on August 26, 2018. Joumalize the August 2018 transactions for Paul's Hardware assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries. Round your answers to the nearest cent, X.XX.) Start by journalizing the revenue portion of the sale for Paul's Hardware on August 17. (Do not yet record the cost related to the sale. We will do this in the next joumal entry.)