Prepare the journal entries to record the following sales transactions in Pina Colada Corp.s books....
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Accounting
Prepare the journal entries to record the following sales transactions in Pina Colada Corp.s books. Pina Colada uses a perpetual inventory system. (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 0 for the amounts. Round answers to 0 decimal places, e.g. 125.)
| Jan. | 2 | Pina Colada sold $45,900 of goods to Xtra Inc., terms 2/10, n/45, FOB destination. The cost of the goods sold was $25,704. | |
| 5 | The appropriate company paid freight costs of $1,100. | ||
| 6 | Xtra returned $5,900 of the merchandise purchased from Pina Colada on January 2, because it was not needed. The cost of the merchandise returned was $3,304, and it was restored to inventory. | ||
| 11 | Pina Colada received the balance due from Xtra. |
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