The following transactions occurred in April and May. Both companies use a perpetual inventory system and the contract-based approach for revenue recognition. Ivanhoe Companys management estimates returns at 20% of sales and has a stated return policy of 20 days from the date of sale.

Apr. 5		Fleck Company purchased merchandise from Ivanhoe Company for $14,000, terms n/30, FOB shipping point. Ivanhoe paid $10,640 for the merchandise.
6		The correct company paid freight costs of $300.
8		Fleck Company returned damaged merchandise to Ivanhoe Company and was given a purchase allowance of $1,400. Ivanhoe determined the merchandise could not be repaired and sent it to the recyclers. The merchandise had cost Ivanhoe $1,064.
May 4		Fleck paid the amount due to Ivanhoe Company in full.

The following transactions occurred in April and May. Both companies use a perpetual inventory system and the contract-based approach for revenue recognition, Ivanhoe Company's management estimates returns at 20% of sales and has a stated return policy of 20 days from the date of sale. Apr. 5 Fleck Company purchased merchandise from Ivanhoe Company for $14,000, terms 1/30, FOB shipping point. Ivanhoe paid $10.640 for the merchandise. 6 The correct company paid freight costs of $300 8 Fleck Company returned damaged merchandise to Ivanhoe Company and was given a purchase allowance of $1.400. Ivanhoe determined the merchandise could not be repaired and sent it to the recyclers. The merchandise had cost Ivanhoe $1,064. May 4 Fleck paid the amount due to Ivanhoe Company in full. Prepare the journal entries to record the above transactions for Fleck Company, Hint Purchase transactions are recorded the same way when using the contract based approach as when using the earnings approach.) 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 accounties 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 cash payment of trecht)