Prepare journal entries to record the following sales transactions in Crane Company's books. Crane uses a perpetual inventory system and the contract-based approach for revenue recognition. Crane has a stated policy that all sales are final, no returns or exchanges. Crane sold $16,700 of merchandise to Guiying Company, terms 2/10, n/30, FOB destination. The cost of the merchandise sold was $8,350. June 16 17 26 Crane received the balance due from Guiying The correct company paid freight costs of $311. (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. List all debit entries before credit entries) Date Account Titles and Explanation June 16 v account receivable sales revenue (To record sales on account.) June 16 v cost of goods sold June 17 v merchandise inventory (To record cost of goods sold.) no entry no entry Debit 16700 8350 June 26 v merchandise inventory 311 cost of goods sold Credit 16700 8350 311