content area top Part 1 Journalize, without explanations, the following transactions of Auto Parts, a distributor that uses the periodic inventory system, during the month of June : June 3 Purchased $20000 of inventory under terms of 4/10, n/eom, and FOB shipping point. June 7 Returned $2200 of defective merchandise purchased on June 3. June 9 Paid freight bill of $490 on June 3 purchase. June 10 Sold inventory for $36000 collecting cash of $5000 . Payment terms on the remainder were 2/15, n/30. June 12 Paid amount owed on credit purchase of June 3. June 16 Granted a sales allowance of $1600 on the June 10 sale. June 23 Received cash from the June 10 customer in full settlement of the debt