Current Altenpt in Progress Prepare journal entries to record the following sales transactions in Sheridan Company's books. Sheridan uses a perpetual inventory system and the contract-based approach to revenue recognition. Sheridan has a stated policy that all sales are final, no returns or exchanges. June Sheridan sold $14,700 of merchandise to Guiying Company, terms 2/10, 1/30, FOB destination. The cost of the merchandise sold was 16 $8,379. 17 The correct company paid freight costs of $285. 26 Sheridan received the balance due from Guiying. (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.) Date Account Titles and Explanation Debit Credit (To record sales on account.) (To record cost of goods sold.) (Cash payment for freight costs) June 26 (Collection on account)