Journalizing Sales, Sales Returns and Allowances, and Cash Receipts: Prepare journal entries for the following transactions.
Oct. 5 Sold merchandise on account to B. Farnsby for $290 plus sales tax of 4%.
8 Sold merchandise on account to F. Preetee for $230 plus sales tax of 4%,
with 2/10, n/30 cash discount terms.
11 F. Preetee returned merchandise purchased on October 8 for $40 plus sales
tax for credit.
17 F. Preetee paid the balance due on her account.
18 B. Farnsby returned merchandise purchased on October 5 for $70 plus sales
tax for credit.
20 B. Farnsby paid the balance due on his account.