Prepare journal entries to record transactions:

• Record the cash sales of $620,000.
• Record the cost of goods sold of $289,350.
• Record the return by a customer of unsatisfactory merchandise that was in perfect condition. A cash refund of $5,400 was given to the customer.
• Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was $3,500.
• Record the sales on account of $11,400 on terms 2/10, n/30.
• Record the cost of goods sold of $6,840.
• Record the collection of half of the balance of $5,586 owed by the customer within the discount period.
• Record the allowance of $1,750 to the customer