7:55 Back Chapter 5 Homework ... Select the correct journal entry for each transaction. June 1: XYZ Company sold merchandise to ABC Company for $9,500; Choose... terms 2/5, n/15, FOB destination (cost of sales $6,650) June 6: Collected the amount owing from the June 1st sale to from Choose... ABC Company June 1: XYZ Company sold merchandise to ABC Company for $9,500; terms 2/5, n/15, FOB Choose... destination (cost of sales $6,650). What is the Gross Profit on this transaction? On June 2 This Company purchased $4,900 of merchandise from Any Company; terms 1/10, Choose... n/20, FOB shipping point. Who is responsible for the shipping costs? On June 12 This Company paid Any Company for the merchandise purchased Choose... on June 2 for $4,900, terms 1/10,n/20, FOB shipping point