uTube FULL SCREEN PRINTER VERSION BACK Brief Exercise 5-7 Prepare journal entries to record the following sales transactions in Blossom Company's books. Blossom uses a perpetual inventory system. Jan. 2 4 Blossom sold $16,000 of merchandise to Xiaoyan Company, terms 1/30, FOB shipping point. The cost of the merchandise sold was $6,320. The correct company paid freight costs of $175. Xiaoyan returned $1,000 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $393, and it was restored to inventory. Blossom received the balance due from Xiaoyan. 6 Feb. 1 (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "Mo Entry for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Account Tities and Explanation (To record sales) (To record cost) 13 (2) A FN EING Skegby Rd (1).m4a O TI Search PRINTER VERSION 4 BABY RCES mer (To record sales (To record cost) (To record credit granted for returned goods) (To record the cost of the return) o Skegby Rd (1).m4a A * MENG e to search hp