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 2/10, n/45, FOB destination. The cost of the goods sold was $25,200.
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.
11 Fundy received the balance due from Xtra.