Answer and Explanation:
The journal entries are shown below:
On July 1
Account receivable A/c Dr $17,300
To Sales $17,300
(Being the goods are sold on credit)
On July 8
Sales return and allowance A/c Dr $4,000
To Accounts receivable $4,000
(Being sales return is recorded)
On July 11
Cash ($17,300 - $4,000) × 98% $13,034
Sales discount ($17,300 - $4,000) × 2% $266
To Account receivable ($17,300 - $4,000) $13,300
(Being the cash received is recorded)
Only these three entries are recorded
