Sarah Co sells goods and performs services for various customers on credit. On Aug 1, 2021 "Accounts Receivable" had a debit balance of $400. During the month of August, the following transactions occurred. Aug 2. Aug 5 Performed services to customer ABC and billed the customer $350. Sold merchandise on account to Box Co. for $600, terms 2/10,n/30. Box Co. Returned merchandise worth $250. Aug 7. Aug 25. Sarah Co. Collected the amount due from Box Co. Required: (a) Prepare the journal entries for the above transactions (Ignore COGS) (16 pts) (b) What is the balance of Accounts Receivable on August 31 (4 pts) SOLUTION (a) DATE ACCOUNT TITLES DEBIT CREDIT Aug 2 $ $ DATE ACCOUNT TITLES DEBIT CREDIT Aug 5 $ $ DATE ACCOUNT TITLES DEBIT CREDIT Aug 7 $ $ DATE ACCOUNT TITLES DEBIT CREDIT Aug 25 $ (b) The balance of Accounts Receivable on August 31 is: $