Prepare journal entries to record each of the following sales transactions of TFC Merchandising. TFC uses a perpetual inventory system and the gross method.

May 1	Sold merchandise for $680, with credit terms n/60. The cost of the merchandise is $440.
May 9	The customer discovers slight defects in some units. TFC gives a price reduction (allowance) and credits the customers accounts receivable for $48 to compensate for the defects.
June 4	The customer in the May 1 sale returned $95 of merchandise for full credit. The merchandise, which had cost $58, is returned to inventory.
June 30	Received payment for the amount due from the May 1 sale less the May 9 allowance and June 4 return.