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Sales-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $65,600, terms n/30. The cost of the goods sold is $39,400. Showcase Co. issues a credit memo for $13,100 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $7,900. a. 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. (1) Accounts Receivable-Balboa Co. 65,600 Sales 65,600 39,400 (2) Cost of Goods Sold Inventory 39,400 Feedback Check My Work a. 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. b. 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. (1) Customer Refunds Payable 13,100 Accounts Receivable-Balboa Co. 13,100 7,900 (2) Inventory Estimated Returns Inventory 17,900 Feedback Check My Work b. Record the return as two transactions: (1) for the sales return and decrease in Accounts Receivable and (2) for the increase in Inventory and the reduction in Estimated Returns Inventory. c. Journalize Showcase Co.'s entry for the receipt of the check for the amount due from Balboa Co. If an amount box does not require an entry, leave it blank. Cash 65,600 x Accounts Receivable-Balboa Co. 65,600 x Feedback