4 10 Carnegie Corp. commissions, produces, and sells books through faith-based nonprofit organizations. The books are sold on the basis that a maximum of 50% of the quantity purchased can be returned within six months. The contract with the customer outlines the amount of consideration and the return policy and that payment is due within 30 days of the end of the return period. Carnegie has a good historical record of the proportion of books returned, on average. On 1 June, Carnegie sold $44,000 worth of books. On 15 August, $8,800 were returned, and on 3 October, an additional $4,400 were returned. The payment for the balance owing was received on 20 December. The cost of the books is 55% of the selling price. All of the returns are put back into inventory and can be resold points eBook Required: 1. Not available in connect. References 2. Prepare the appropriate journal entries that are required for the described transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 1 June Accounts receivable Revenue Refund Liability 2 1 June Cost of goods sold Right to recovery asset Inventory 3 15 August Refund Liability Accounts receivable 4 15 August Inventory Right to recovery asset 5 3 October Refund Liability Accounts receivable 4 View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 1 June 10 points Accounts receivable Revenue Refund Liability 2 1 June eBook Cost of goods sold Right to recovery asset Inventory References 15 August Refund Liability Accounts receivable 4 15 August Inventory Right to recovery asset 5 3 October Refund Liability Accounts receivable 6 3 October Inventory Right to recovery asset 7 December 01 Refund Liability Revenue 8 December 01 Cost of goods sold Right to recovery asset 9 December 20 Cash Accounts receivable