5013 View Policies Current Attempt in Progress On June 3, 2022, Flounder Company sold to Ann Mount merchandise having a sales price of $7,200 (cost $4,320) with terms of n/60, f.o.b. shipping point. Flounder estimates that merchandise with a sales value of $720 will be returned. An invoice totaling $140 was received by Mount on June 8 from Olympic Transport Service for the freight cost. Upon receipt of the goods, on June 8, Mount returned to Flounder $300 of merchandise containing flaws. Flounder expects the returned items to be resold at a profit. The freight on the returned merchandise was $23, paid by Flounder on June 8. On July 16, the company received a check for the balance due from Mount. No further returns are expected. Prepare journal entries for Flounder Company to record all the events in June and July. (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.) Date Account Titles and Explanation (To record sales) Debit Credit Question 3 of 3 (To record cost of goods sold) (To record sales returns) (To record cost of goods returned) (To record the freight cost) -18 Question 3 of 3 < (To record cost of goods returned) (To record the freight cost) eTextbook and Media List of Accounts Save for Later -18 ! Attempts: 0 of 3 used Submit