Try another version of this question Journalize the following transactions for Acme Corporation: January 1 Acme Corporation sold $121,900 of merchandise on account to W.E. Coyote Co. with credit terms of 2/10, n/30, FOB Shipping Point. Cost of merchandise sold was $74,500. January 3 Acme Corporation paid $170 shipping charges to benefit W.E. Coyote Co., charges were added to the bill. January 6 W.E. Coyote Co. returns $21,200 of damaged merchandise. The cost of merchandise returned was $11,700. January 9 W.E. Coyote Co. paid the amount owed, less return and discount. Date Description Debit Credit January 1 January 1 January 1 January 1 January 3 January 3 January 6 January 6 January 6 January 6 January 9 January 9 January 9 Date Description Debit Credit January 1 A/R-Coyote Co. 121,900 January 1 Sales Revenue 121,900 January 1 COGS 74,500 January 1 Merchandise Inventory 74,500 January 3 A/R-Coyote Co. 170 January 3 Cash 170 January 6 Sales Return & Allowance 21,200 January 6 A/R-Coyote Co. 21,200 January 6 Merchandise Inventory 11,700 January 6 COGS 11,700 January 9 Cash 98,856 January 9 Sales Discount 2,014 January 9 A/R-Coyote Co. 100,870