Journalizing sales transactions-periodic inventory system Journalize the following sales transactions for Straight Shot Archery using the perodic inventory system. Explanations are not required. The company estimates sales returns and allowances at the end of each month. Sold $6,500 of equipment on account, credit terms are 1/10, n/30. Straight Shot received payment from the customer on the amount due from August 1, less the discount. Sold $3,100 of equipment on account, credit terms are n/45, FOB destination Aug. 1 8 15 15 Straight Shot paid $90 on freight out 20 Straight Shot negotiated a $500 allowance on the goods sold on August 15. Received payment from the customer on the amount due from August 15, less the allowance 24 FESB-31 Jou arnalizing purchase and sales transactions-perindic imento y systenm
