Prepare the journal entries to record these transactions on Ivanhoe Company's books. Ivanhoe Company uses a periodic inventory system. Feb. 5 6 Ivanhoe purchased $12,000 of merchandise from NW Wholesale Company, terms 2/10,n/30, FOB shipping point. The correct company paid freight costs of $110. Ivanhoe returned $1.400 of the merchandise purchased on February 5. Ivanhoe paid the balance due to NW Wholesale. 8 11 (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.) Account Titles and Explanation Debit Credit Date + (Purchase on account.) . (To record cash payment of freight.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record cash payment of freight) (To record purchase return.) (Payment on account.)