Mar. 3: Laura sold $69,000 of women's clothes on account, credit terms are 3/10, n/60, to Maddie's Dresses. Cost of goods is $41,000. 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 Mar. 3 Accounts Receivable-Maddie's Dresses Sales Revenue Debit Credit 2070 2070 Now journalize the expense related to the March 3 sale-Cost of goods, $41,000. Date Mar. 3 Accounts Cost of Goods Sold Merchandise Inventory Debit Credit 41000 41000 Mar. 7: Laura granted a sales allowance of $700 for the clothes sold on March 3. Maddie's Dresses did not return the inventory.