Date Debit Credit Account Titles and Explanation Accounts Recelvable Jan 2 12000 12000 Unearned Revenue (To record sales on account) Cost of Goods Sold Jan 2 4740 4740 Merchandise Inventory (To record cost of goods sold.) Freight Out Tan 4 295 Cash 285 Jan 6 Sales Returns and Allowanons 1700 1700 Accounts Recevable (To record credit for goods returned.) Merchandise livestory Jart 6 670 670 Cost of Goods Sold (To record cost of retumed goods.) Cash Feb. 1 10300 10000 Accounts Receivable (Collection on account) Jan 2 4 Wildhorse sold $12,000 of merchandise to Xiaoyan Company, terms 130, FOB shipping point. The cost of the merchandise sold was $4.740. The correct company paid freight costs of $235. Xiaoyan returned 51.700 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $670, and it was restored to inventory Wildhorse received the balance due from Xiaoyan 6 Feb. 1 Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter O for the amounts. Record journal entries in the order presented in the problem) Account Titles and Explanation Credit Accounts Receivable 12000 Date Debit 12000 Unearned Revenue (To record sales on account) Cost of Goods Sold Jan 2 4740 4740 Merchandise Inventory (To record cost of goods sold.) Freight 235 Cash 235 Jano v Sales Returns and Allowances 1700 1700 Accounts Receivable (To record credit for goods returned.) Merchandisery Jan 6 670 620 Cost of Goods Sold (To record cost of returned goods.) Cash 10300 10300 Accounts Receivable (Collection on account.)