On July $1,$ Macaron Corp. sold merchandise on account to Cambridge Inc. for $$72,800,$ terms $\frac{n}{30}.$ The cost of the merchandise sold was $$38,800.$ Macaron expected a return rate of $5\%.($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

Debit

Credit

July $1$

$($To record credit sale$)$

July $1$

$($To record cost of merchandise sold$)$