Prepare the journal entries to record these transactions on Ivanhoe Company's books. Ivanhoe Company uses a periodic inventory system. Feb. 5 Ivanhoe sells $10,000 of merchandise to Allied Company, terms 2/10, n/30, FOB shipping point. 6 The correct company paid freight costs of $150. 8 Allied returned $1,700 of the merchandise purchased on February 5. The inventory is not damaged and can be resold. Ivanhoe restores it to inventory. 11 Ivanhoe collects the balance due from Allied. (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 O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date A Account Titles Debit Credit
Prepare the journal entries to record these transactions on Ivanhoe Company's books. Ivanhoe Company uses a periodic inventory system. Feb. 5 Ivanhoe sells $10,000 of merchandise to Allied Company, terms 2/10, n/30, FOB shipping point. 6 The correct company paid freight costs of $150. 8 Allied returned $1,700 of the merchandise purchased on February 5. The inventory is not damaged and can be resold. Ivanhoe restores it to inventory. 11 Ivanhoe collects the balance due from Allied. (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 O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date A Account Titles Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare the journal entries to record these transactions on Ivanhoe Company's books. Ivanhoe Company uses a periodic inventory
system.
Feb.
5
Ivanhoe sells $10,000 of merchandise to Allied Company, terms 2/10, n/30, FOB shipping point.
6
The correct company paid freight costs of $150.
8
Allied returned $1,700 of the merchandise purchased on February 5. The inventory is not damaged and can be resold.
Ivanhoe restores it to inventory.
11
Ivanhoe collects the balance due from Allied.
(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 O for the amounts. Record journal entries in the order
presented in the problem. List all debit entries before credit entries.)
Date
A
Account Titles
Debit
Credit
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