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Prepare journal entries for May 2023 to record the following transactions for Callaho Inc. Assume a perpetual inventory system. Enter the transaction letter as the

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image text in transcribed Prepare journal entries for May 2023 to record the following transactions for Callaho Inc. Assume a perpetual inventory system. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). a. May 5: Callaho Inc. sold merchandise that cost $6,480 to Zcom Inc. for $8,100 under credit terms of n/30, FOB shipping point. b. May 14: Callaho Inc. sold merchandise that cost $6,375 to XYZ Corporation for $7,500 under credit terms of 2/15, n/90, FOB shipping point. c. May 17: Callaho Inc.'s merchandise was sold to Oppong Corporation for $9,800 cash. The merchandise cost $7,840. d. May 20: Issued a \$3,500 credit memorandum to XYZ Corporation for an allowance on goods sold on May 14. e. May 21: Received XYZ Corporation's payment of the amount due from the May 14 sale. f. May 24: Received Zcom Inc.'s payment of the amount due from the May 5 sale. Please use the ' + ' and '-' buttons to change the number of accounts (if necessary) for each journal entry

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