3 of 5 < > Prepare separate entries for each transaction for Sarasota Company. The merchandise purchased by Novak on June 10 had cost 0.5/1 Sarasota $5,000. (Credit account titles are automatically indented when 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 June 10 June 11 (To record credit sale) June 12 (To record cost of merchandise sold) June 19 (To record merchandise returned) Debit Credit Question 3 of 5 < Current Attempt in Progress 0.5/1 E On June 10, Novak Corp. purchased $8,350 of merchandise on account from Sarasota Company, FOB shipping point, terms 2/10. n/30. Novak pays the freight costs of $560 on June 11. Damaged goods totaling $350 are returned to Sarasota for credit on June 12 The fair value of these goods is $80. On June 19, Novak pays Sarasota Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your Answer Correct Answer Your answer is correct