Prepare journal entries to record the following sales transactions in Ivanhoe Company's books. Ivanhoe uses a perpetual inventory system and the contract-based approach to revenue recognition Management estimates that 10% of sales will be returned by customers within the 10-day return period Feb. 2 Ivanhoe sold $14,000 of merchandise to Kotter Company, terms 11/30, FOB shipping point. The cost of the merchandise sold was $5,600 4 The correct company paid freight costs of $176. 6 Kotter Company returned $1400 of the merchandise purchased on February 2 because it was not needed. The cost of the merchandise returned was 500, dit was restored to inventory Mar. 1 Ivanhoe received the balance due from Kotter