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Prepare journal entries to record the following sales transactions in Wildhorse Company?s books. Wildhorse uses a perpetual inventory system. Jan. 2 Wildhorse sold $12,000 of
Prepare journal entries to record the following sales transactions in Wildhorse Company?s books. Wildhorse uses a perpetual inventory system.
Jan. 2 | Wildhorse sold $12,000 of merchandise to Xiaoyan Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $4,740. |
4 | The correct company paid freight costs of $235. |
6 | Xiaoyan returned $1,700 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $669, and it was restored to inventory. |
Feb. 2 | Wildhorse received the balance due from Xiaoyan. |
please see the attachment and fill the wrong box for JAN 4 and JAN 6 part 2
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