Current Attempt in Progress Prepare journal entries to record the following sales transactions in Sunland Company's books, Sunland uses a perpetual inventory system and the contract-based approach to revenue recognition Management estimates that 10% of sales will be returned by customers within the 10-day return period. Feb. 2 4 Sunland sold $17.000 of merchandise to Kotter Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $6,630. The correct company paid freight costs of $180. Kotter Company returned $1,700 of the merchandise purchased on February 2 because it was not needed. The cost of the merchandise returned was $663, and it was restored to inventory. Sunland received the balance due from Kotter. 6 Mar. 1 (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 for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation 17000 Feb. 2 Accounts Receivable 17000 sales Entry for the account titles and enter for the amounts. Recordjoumat entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Feb. 2 Accounts Receivable 17000 sales 17000 (To record sales on account.) Feb. 2 Cost of Goods Sold 6630 Merchandise Inventory 6630 (To record cost of goods sold.) No Entry Feb. 4 No Entry Feb 6 Sales Returns and Allowances 1700 Accounts Receivable 1700