Journalize the following sales transactions for King Company.
King Company sold merchandise inventory for $150. The cost of the inventory was $90. The customer paid cash.
King Company was running a promotion and the customer received a $ 20 award at the time of sale that can be used at a future date on any King Company merchandise.
Begin by preparing the entry to journalize the sale position at the transaction. Do not record the expense related to the sale.
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