Prepare general journal entries to record the following periodic merchandising transactions for ABC Company August 1: Sold inventory to XYZ Company for $14,000 under credit terms of 2/10, n/45, FOB destination. The cost of the inventory was $10,000. August 2: Paid cash $150 for the shipping charges on the August 1 sale. August 5: XYZ Company returned half of the inventory they purchased on August 1st. August 12 XYZ paid for the balance owing from the related August 1 transactions. 5 2 E A A T. FE General Journal Entries Dr. Cr. Date Acount