Sales$-$related transactionsShowcase Co$.,$ a furniture wholesaler, sells merchandise to Balboa Co$.$ on account, $$254,500,$ terms n$/30.$ The cost of the goods sold is $$152,700.$ Showcase Co$.$ issues a credit memo for $$30,000$ for merchandise returned prior to Balboa Co$.$ paying the original invoice. The cost of the merchandise returned is $$17,500.$Question Content Areaa. $$Journalize Showcase Co$.$s entries for $(1)$ the sale, including $(2)$ the cost of the goods sold. If an amount box does not require an entry, leave it blank.TransactionAccountDebitCredit$(1)$Accounts Payable$-$Balboa Co$.$Accounts Receivable$-$Balboa Co$.$SalesSales DiscountsSales Returns and Allowances$254,5000$Accounts Payable$-$Balboa Co$.$Accounts Receivable$-$Balboa Co$.$SalesSales DiscountsSales Returns and Allowances$0254,500(2)$Accounts Receivable$-$Balboa Co$.$CashCost of Goods SoldInventorySales Discounts$152,7000$Accounts Receivable$-$Balboa Co$.$CashCost of Goods SoldInventorySales Discounts$0152,700$Feedback AreaFeedbacka. Record transactions from the seller's perspective. Keep in mind that two entries are required for the transaction: $(1)$ for the sale on account and $(2)$ for the cost of the merchandise sold $($expense$)$ and inventory reduction on the seller's records.Question Content Areab. $$Journalize Showcase Co$.$s entries for $(1)$ the credit memo, including $(2)$ the cost of the returned merchandise. If an amount box does not require an entry, leave it blank.TransactionAccountDebitCredit$(1)$Accounts Payable$-$Balboa Co$.$Accounts Receivable$-$Balboa Co$.$CashCost of Goods SoldCustomer Refunds Payable$30,0000$Accounts Payable$-$Balboa Co$.$Accounts Receivable$-$Balboa Co$.$CashCost of Goods SoldCustomer Refunds Payable$030,000(2)$CashCost of Goods SoldEstimated Returns InventoryInventoryMiscellaneous Expense$17,5000$CashCost of Goods SoldEstimated Returns InventoryInventoryMiscellaneous Expense$017,500$Feedback AreaFeedback