$$ The store sold $450$ toys for $$150$ each to customers on account. The company sent an invoice for the sales price plus the $8\%$ sales tax

$$ Record the cost of goods sold for the $450$ toys sold and remove the amount from the asset account inventory.

$$ The company uses the allowance for bad debt method and it estimates that bad debts will be $3\%$ of sales. Estimate based on sales revenue.

Calculate the accounting journal entries for each event