Exercise 5-05 On June 10, Splish Brothers Company purchased $6,700 of merchandise from Sunland Company, on account, terms 2/10, 1/30. Splish Brothers pays the freight costs of $380 on June 11. Goods totaling $700 are returned to Sunland for credit on June 12. On June 19, Splish Brothers Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Sunland Company. The merchandise purchased by Splish Brothers on June 10 cost Sunland $2,870, and the goods returned cost Sunland $240. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of goods sold) (To record credit sale) by Study (To record cost of goods returned)