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please read the question carefully and answer with explanations. thank you 4. PERIODIC SALES BE5.18 ( LO 7) AP Video Prepare the journal entries to

please read the question carefully and answer with explanations. thank you image text in transcribed
4. PERIODIC SALES "BE5.18 ( LO 7) AP Video Prepare the journal entries to record these transactions on NW Wholesale Company's books. NW Wholesale Company uses a periodic inventory system. Feb. NW Wholesale sells $12,000 of merchandise to Allied Company, terms 2/10,n/30,FOB 5 shipping point. 6 The correct company paid freight costs of $110. 8 Allied returned $1,000 of the merchandise purchased on February 5 . The inventory is not damaged and can be resold. NW Wholesale restores it to inventory. 11 NW Wholesale collects the balance due from Allied

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