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Prepare the journal entries to record these transactions on Sunland Company's books. Sunland Company uses a periodic inventory system. Feb. 5 6 8 Sunland sells
Prepare the journal entries to record these transactions on Sunland Company's books. Sunland Company uses a periodic inventory system. Feb. 5 6 8 Sunland sells $12,000 of merchandise to Allied Company, terms 2/10,n/30, FOB shipping point. The correct company paid freight costs of $190. Allied returned $1,300 of the merchandise purchased on February 5. The inventory is not damaged and can be resold. Sunland restores it to inventory. Sunland collects the balance due from Allied. 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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sales on account.) >
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