Question 2 of 4 -/4 View Policies Current Attempt in Progress The following merchandise transactions occurred in December. Both companies use a perpetual inventory system, Dec.3 4 Sunland Company sold merchandise to Thomas Co. for $37,000, terms 2/10, 1/30, FOB destination. This merchandise cost Sunland Company $18,000. The correct company paid freight charges of $725. Thomas Co. returned unwanted merchandise to Sunland. The returned merchandise had a sales price of $2,300 and a cost of $990. It was restored to inventory Sunland Company received the balance due from Thomas Co. 8 13 Prepare the lournal entries to record these transactions on the books of Sunland Company. (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 tidles and enter for the amounts Record Journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit -14 III Question 2 of 4 Debit Credit Date Account Titles and Explanation (To record sales on account.) (To record cost of goods sold) Cash payment for freight costs) (To record credit for goods returned.) V (To record cost of goods returned.) Dec 13 (Collection on account) Prepare the journal entries to record these transactions on the books of Thomas Co. (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 (Purchase on account) To record purchase return tion 2 of 4 -74 trupuri V (Payment on account.) eTextbook and Media List of Accounts