Date Account Name and Description Debit Credit QUESTION 3 (18 marks) The following are transactions for Makaha Fashions for the month of June. June 2 Purchased $16,000 of inventory under terms 2/15, n/45 and FOB shipping point from Hanauma Manufacturing. The merchandise had cost Hanauma $10,400 June 7 Returned defective merchandise to Hanauma Manufacturing with invoice price of $1,000. June 8 Paid the freight charges on the purchase from Hanauma Manufacturing in cash for $1,150. June 9 Sold merchandise to Kapiolani Store on account for $8,000 with terms 3/10, n/30 FOB shipping point. Cost of the merchandise sold was $4,500. June 10 Paid Hanauma Manufacturing the balance on account. June 12 Granted sales allowance of $925 to Kapiolani Store for defective merchandise. Collected balance owing from Kapiolani Store. Prepare the journal entries for Mahaha Fashions for the transactions listed, assuming that Makaha Fashions uses a perpetual inventory system. Omit narratives. June 23 Date Account Name and Description Debit Credit