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Homework answers / question archive / Prepare journal entries to record the following sales transactions in Wildhorse Company's books
Prepare journal entries to record the following sales transactions in Wildhorse Company's books. Wildhorse uses a perpetual inventory system Jan. 2 4 Wildhorse sold $12.000 of merchandise to Xiaoyan Company, terms r/30, FOB shipping point. The cost of the merchandise sold was $4,740 The correct company paid freight costs of $235. Xiaoyan returned 51.700 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $670, and it was restored to inventory Wildhorse 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.) Account Titles and Explanation Debit Date Credit Jan 2 w (To record sales on account.) Jor
(To record cost of goods sold.) Jart 6 (To record credit for goods returned) (To record cost of returned goods.) Collection on account) e Textbook and Media
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