Make the journal entries for the following transactions. 1. Sold merchandise for $2,059 on account. The cost of the merchandise was $830. Write the Journal Entry just for the Sale. A. Debit Accounts Receivable 2,059; Credit Sales 2,059 B. Debit Sales 2,059; Credit Accounts Receivable 2,059 C. Debit Cash 2,059; Accounts Receivable 2,059 D. Debit Sales Discount 2,059; Credit Sales 2,059 2. Customer in question one returned merchandise for a $300 credit. Write the Journal Entry just for the refund. A. Debit Sales Discount 300; Credit Sales 300 B. Debit COGS 300; Credit Inventory 300 C. Debit Customer Refunds Payable 300; Credit Accounts Receivable 300 D. Debit Inventory 300; Credit COGS 300 3. The cost of the merchandise returned in question #2 was $150. Write the Journal Entry to account for the cost of the merchandise returned. A. Debit Sales Discount 150; Credit Sales 150 B. Debit COGS 150; Credit Inventory 150 C. Debit Inventory 150; Credit Estimated Returns Inventory 150 D. Debit Inventory 150; Credit COGS 150 4. Purchased merchandise on account for $3,000, FOB destination of $50 for shipping. A. Debit Sales Discount 3,000; Credit Sales 3,000 B. Debit COGS 3,050; Credit Inventory 3,050 C. Debit Inventory 3,050 Credit Accounts Payable 3,050 D. Debit Inventory 3,000 Credit Accounts Payable 3,000 5. At the end of the year there was $350 in shrinkage. A. Debit COGS 350; Credit Inventory 350 B. Debit Inventory 350; Credit COGS 500 C. Debit Freight In 350; Credit Inventory 350 D. Debit Sales Returns and Allowance 350; Credit Inventory 350 6. Who pays the freight costs when the terms are FOB shipping point? A. The ultimate customer B. The buyer C. The seller D. Either the seller or the buyer