On July 31, 2018, Z-Mart issued a $500 debit memo for an allowance from Trex for defective merchandise. Prepare the general journal entry to record this transaction. On July 1, Z-Mart purchased goods on terms of FOB shipping point. The transportation costs are $75. Prepare the general journal entry to record this transaction. 25. Z-Mart has the following information: Sales - $ 10,000 Cost of Goods Sold - $ 1,000 Sales Discounts - $ 500 Sales Allowances - $ 200 YOU NEED TO SHOW YOUR WORK! A. Calculate Net Sales. B. Calculate the Gross Profit