O’Neill Ltd’s Ski Gear Shop sells skiing gear. On 1 June 2012, O’Neill Ltd’s Ski Gear Shop makes a ski boot sale to a customer for with a sales price of $1,000 for cash. O’Neil Ltd sets its selling price by employing a 100% mark up on the cost of inventory. The customer has the ability to return the goods during a 7 day return period under certain strict conditions – returns can only be made if the size is incorrect or the product is faulty and it only allows exchange of goods. Because of the strict returns policy, O’Neill Ltd estimates that typically only about 1% of customers will return their ski gear.

c) Write down the journal entry (if any) in O’Neill Ltd’s ledger in relation to the sale of the skiing gear, and indicate the date when the journal entry is recorded.