3. MERCHANDISING OPERATION PRACTICE PROBLEMS 2/2/2007 ABC sold goods, $400,000 to XYZ. The cost of the goods is $250,000. The term of the trade is FOB destination. ABC paid $10,000 transportation charge. Other terms are 12/14; EOM 2/13/07 XYZ returned $50,000 (Cost: $20,000) for defectiveness. 2/14/07 XYZ paid the amount due. REQUIREMENTS: A) Make necessary entries for the transactions above. B) Assuming xyz paid the amount due on 2/15/2007, using the information above, make necessary entries for the collection of the money from XYZ. C) On the basis of requirement A, make necessary entries in the book of XYZ for the three dates. D) On the basis of requirement B, make necessary entries in the book of XYZ on those three dates. E) Assuming that XYZ paid the transportation charge, make necessary entries for A through D above. F) Assuming the term was FOB shipping point instead of FOB destination, make necessary entries for A through E above