7 points Save Answer Hutchinson Hotel received a shipment of souvenir robes on February 7, 2021. The value of the robes was $7,000. The supplier provided Hutchinson the following credit terms 2/10, net 30. Required For this test question no explanation of the transaction is required for the journal entries. Please do no use $ and commas when entering dollar values a) The robes were shipped FOB shipping point, and freight charges came to $260. Prepare the journal entry to record the receipt of goods by Hutchinson Hotel, assuming the payment will be made in March, using the periodic inventory system. Date 2021 Account Title and Explanation 7 Feb Debit Credit b) The robes were the wrong material. After some negotiation, the manager agreed to keep the products with a 14% allowance. Prepare the journal entry on Febuary 20, 2021 to record the purchase allowance. Allowances are not granted on freight charges. Date Account Title and Explanation Dabit Credit 11:19 AM