Prepare a JournalTowbin Products sells merchandise on credit for 57,000 on December 1, 2019, Themerchandise cost Towbin 54,900 (70% of the selling price), Towbin estimates that returs and allowances willamount to 4% of sales, On December 22, 2019, a customer returns for credit merchandise onginally sold onDecember 1 for $200.Required:1. Assume Towbin uses a periodic inventory system. Prepare the journal entries to record the preceding sale and the return of merchandise