Current Attempt in Progress

Coronado Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts.

$($a$)$ On July $1,(1)$ Coronado purchased $$68,000$ of inventory, terms $\frac{2}{10},\frac{n}{30},$ FOB shipping point. $(2)$ Coronado paid freight costs of $$1,105.$

$($b$)$ On July $3,$ Coronado returned damaged goods and received credit of $$6,800.$

$($c$)$ On July $10,$ Coronado paid for the goods.

Prepare all necessary journal entries for Coronado. $($If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

No$.$ Date

$($a$)(1)$

Account Titles and Explanation

Debit

Credit

$$

$$

$($a$)(2)$

$$

$$

$$

$$

$$

$$