Prepare the journal entries to record the transactions, Financial Accounting

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Prepare the journal entries to record the transactions

Problem

Prepare the journal entries to record these transactions on Sunny Company books. Sunny company uses a periodic inventory system

Feb 5 Sunny sells 14000 of merchandise to allied company terms 2/10,n/30,FOB shipping point.

6 The correct company paid freight costs of 160.

8 Allied returned 1000 of the merchandise purchased on Feb 5. The inventory is not damaged and can be resold. Sunny restores it to inventory

11 Sunny collects the balance due from Allied.

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Financial Accounting: Prepare the journal entries to record the transactions

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Financial Accounting: Prepare the journal entries to record the transactions

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