Exercise 5-4 On June 10, Pina Colada Corp. purchased $7,800 of merchandise on account from Flint Company, FOB shipping point, terms 2/10, n/30. Pina Colada Corp. pays the freight costs of 420 on June 11. Damaged goods totaling $300 are returned to Flint for credit on June 12. The fair value of these goods is $70. On June 19, Pina Colada Corp. pays Flint Company in full, less the purchase discount. Both companies use a perpetual inventory system Your answer is partially correct. Try again. Prepare separate entries for each transaction on the books of Pina Colada Corp.. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit June 10 | | |erchandise Inventory 7800 Accounts Payable 7800 June 11Merchandise Inventory 420 Cash 420 June 12 Accounts Payable 300 Merchandise Inventory 300 June 19Accounts Payable 7500