At the beginning of June 2021, Grouper Distributing Companys ledger showed Cash $17,000, Merchandise Inventory $5,200, and D. Grouper, Capital $22,200. During the month of June, the company had the following selected transactions:

June 1		Purchased $9,000 of merchandise inventory from Sun Supply Co., terms 1/15, n/30, FOB destination.
2		The correct company paid $250 cash for freight charges on the June 1 purchase.
5		Sold merchandise inventory to Moose Jaw Retailers for $11,500. The cost of the merchandise was $7,600 and the terms were 2/10, n/30, FOB destination.
6		Issued a $750 credit for merchandise returned by Moose Jaw Retailers. The merchandise originally cost $496 and was returned to inventory.
6		The correct company paid $290 freight on the June 5 sale.
7		Purchased $780 of supplies for cash.
10		Purchased $3,750 of merchandise inventory from Fey Wholesalers, terms 2/10, n/30, FOB shipping point.
10		The correct company paid $130 freight costs on the purchase from Fey Wholesalers.
12		Received a $350 credit from Fey Wholesalers for returned merchandise.
14		Paid Sun Supply Co. the amount due.
15		Collected the balance owing from Moose Jaw Retailers.
19		Sold merchandise for $7,500 cash. The cost of this merchandise was $4,500.
20		Paid Fey Wholesalers the balance owing from the June 10 purchase.
25		Made a $510 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $306. The merchandise was damaged and could not be resold.
30		Sold merchandise to Bauer & Company for $4,500, terms n/30, FOB shipping point. Grouper's cost for this merchandise was $2,800.

Record the transactions assuming Grouper uses a perpetual inventory system and the earnings approach.

Set up general ledger accounts for Merchandise Inventory, Sales, Sales Returns and Allowances, Sales Discounts, and Cost of Goods Sold. Enter the beginning merchandise inventory balance, and post the transactions.

Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record sales on account.) (To record cost of goods sold.) (To record credit for goods returned.) (To record cost of goods returned.) (Cash payment for freight costs.) (Cash purchase of supplies.) (Purchase on account.) (To record cash payment of freight.) (To record purchase return.) (Payment on account.) June 15 (Collection on account.) V (Cash sale.) (To record cost of goods sold.) (Payment on account.) (To record cash refund for goods returned.) (To record sales on account.) V (To record cost of goods sold.) Merchandise Inventory Debit Credit Balance Date Explanation Ref. June 1 Balance 1 J1 5 J1 6 J1 10 J1 10 J1 12 J1 14 J1 19 J1 20 J1 30 J1 Sales Date Explanation Ref. Debit Credit Balance June 5 J1 19 J1 30 J1 Sales Returns and Allowances Debit Credit Balance Date Explanation Ref. June 6 J1 25 J1 Sales Discounts Debit Credit Balance Date Explanation Ref. June 15 J1 Cost of Goods Sold Debit Credit Date Explanation Ref. Balance June 5 J1 6 J1 19 J1 30 J1 e Textbook and Media List of Accounts Prepare a partial multiple-step income statement, up to gross profit, for the month of June 2021. (Enter negative amounts u preceding the number e.g.-45 or parentheses eg. (45).) GROUPER DISTRIBUTING COMPANY Income Statement (Partial) V $ $