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Sales-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500,...

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Accounting

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Sales-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. Issues a credit memo for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $17,500. a. Journalize Showcase Co.'s entries for (1) the sale, Induding (2) the cost of the merchandise sold. (1) (2) b. Journalize Showcase Co.'s entries for (1) the credit memo, including (2) the cost of the returned merchandise. (2) c. Journalize Showcase Co's entry for the receipt of the check for the amount due from Balboa Co

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