Journal entry for Cost of Goods Sold using periodic

Prepare the journal entries to record these transactions on Ivan oe Company's books. Ivanhoe Company uses a periodic inventory system. Feb. 6 8 11 Ivanhoe sellS$10,OOOof merchandise to Allied Company, t rms 2/10, n/30, FOB shipping points The correctCompany paid freight costs of 150 Allie&returned $1;700 of the mefchandise purchased on February 5. The inventory is not damaged and can be resold. Ivanhoexestores it to inventory. Ivanhoe collects the balancedue from Allied. (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 titles and enter O for the amounts Record journal entries in the order presented in the probleme List all debit entries before credit entries.) Date Account Titles Debit Credit