Sales Transactions Practice Example Concept: The sale or return of inventory in a perpetual system requires two journal entries-one to record the revenue portion of the transaction and one to record the expense (and inventory) portion of the transaction. Information: On August 1, Brandon Shoes sold 100 pairs of football cleats to the local college football team for $12,000 cash (each pair of cleats was sold for $120 per pair). Brandon paid $10,000 (or $100 per pair) for the cleats from its supplier. On August 15, the local college football team returned 10 pairs of cleats for a cash refund of $1,200. Required: 1. Prepare the journal entries to record the sale of the football cleats. 2. Prepare the journal entries to record the return of the football cleats