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BE5.7(LO 3)(Record sales transactions.) Prepare the journal entries to record the following sales transactions in...

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Accounting

BE5.7(LO 3)(Record sales transactions.) Prepare the journal entries to record the following sales transactions in Fundy Corp.'s books. Fundy uses a perpetual inventory system.
Jan. 2 Fundy sold $45,000 of goods to Xtra Inc., terms n45, FOB destination. The cost of the goods sold was $25,200. Fundy expected a return rate of 15%.
5 The appropriate company paid freight costs of $900.
6 Xtra returned $6,000 of the merchandise purchased from Fundy on January 2 because it was not needed. The cost of the merchandise returned was $3,360, and it was restored to inventory.
Feb. 11 Fundy received the balance due from Xtra.
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