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Journalize the following sales transactions for Luna's Boutique. Explanations are not required. The company estimates sales retums at the end of each month. (Assume the company uses a perpetual inventory system and records sales at the net amount) (Click the icon to view the transactions.) Journalize the sales transactions. Explanations are not required. (Record debits first, then credits, Exclude explanations from journal entries.) Mar. 3. Luna sold $62,000 of women's clothes on account, credit terms aro 3/10, 1/30, to Marcia's Dresses Cost of goods is $30,000, Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step Debit Credit Mar 3 Accounts Receivable-Marcia's Dresses 62000 Sales Revenue Date Accounts 62000 Now joumalize the expense related to the March 3 sale Cost of goods, $30,000 Credit Date Debit 30000 Mar. 3 Accounts Cost of Goods Sold Merchandise Inventory 30000 Mar. 7: Luna granted a sales allowance of $400 for the clothes sold on March 3, Marcia's Dresses did not return the inventory Debit Credit Date Accounts Estimated Returns Inventory 400 Mar. 7 Alev More info Mar. 3 Luna sold $62,000 of women's clothes on account, credit terms are 3/10, n/30, to Marcia's Dresses. Cost of goods is $30,000. Mar. 7 Luna granted a sales allowance of $400 for the clothes sold on March 3. Maria's Dresses did not return the inventory. Mar. 10 Luna receives payment from Marcia's Dresses on the amount due, less sales allowance and discount" Print Done