View. Polis Current Attempt in Progress Prepare journal entries to record the following sales transactions in Ivanhoe Company's books. Ivanhoe 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 Ivanhoe sold $13.000 of merchandise to Kotter Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $4,810. The correct company paid freight costs of $229. Kotter Company returned $1.300 of the merchandise purchased on February 2 because it was not needed. The cost of the merchandise returned was $481, and it was restored to inventory Ivanhoe received the balance due from Kotter, 6 Ma (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) Date Account Titles and Explanation Debit Credit (To record sales on account.) Feb 2 Question 18 of 29 -/10 E fedit accounts are automatically indebted when the amount is entered. Do norindent manually 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.) Date Account Titles and Explanation Debit Credit o Qu (To record sales on account) Feb 2 Qu AD Que Acco (To record cost of goods sold) Que Ques True Quest T (to record credit for goods returned) Quest To record cost of goods returned) Quest Questio (Collection account