Prepare journal entries to record the following sales transactions in Ivanhoe Company's books. Ivanhoe uses a perpetual inventory system. Jan. 2 4 Ivanhoe sold $14,000 of merchandise to Xiaoyan Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $5,530. The correct company paid freight costs of $185. Xiaoyan returned $1,500 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $590, and it was restored to inventory. Ivanhoe 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 titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 2 Accounts Payable rev (To record sales) (To record cost) (To record credit granted for returned goods) (To record the cost of the return)