Prepare journal entries to record the following sales transactions in Oriole Company's books. Oriole uses a perpetual inventory system. Jan. 2 4 Oriole sold $18,000 of merchandise to Xiaoyan Company, terms r/30, FOB shipping point. The cost of the merchandise sold was $7.110. The correct company paid freight costs of $255. Xiaoyan returned $1,200 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $470, and it was restored to inventory. Oriole 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 for the amounts Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation C (To record cost of goods sold.) (To record credit for goods returned) (To record cost of returned goods.)