Prepare the journal entries to record the following purchase transactions in Sheffield Inc.'s books, assuming a...

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Prepare the journal entries to record the following purchase transactions in Sheffield Inc.'s books, assuming a periodic inventory system is used. (List all debit entries before credit entries. 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.) Jan. 2 Sheffield purchased goods for $37,800 from Fundy Corp., terms n/45, FOB destination. 5 The appropriate company paid freight costs of $760. 6 Sheffield returned $5,040 of the goods purchased on January 2, because they were not needed. Feb. 11 Sheffield paid the balance owed to Fundy. Date Account Titles and Explanation > Debit Credit SUPPORT Prepare the journal entries to record the following purchase transactions in Sheffield Inc.'s books, assuming a periodic inventory system is used. (List all debit entries before credit entries. 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.) Jan. 2 Sheffield purchased goods for $37,800 from Fundy Corp., terms n/45, FOB destination. 5 The appropriate company paid freight costs of $760. 6 Sheffield returned $5,040 of the goods purchased on January 2, because they were not needed. Feb. 11 Sheffield paid the balance owed to Fundy. Date Account Titles and Explanation > Debit Credit SUPPORT