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Flint Corporation, a private company following ASPE, uses a periodic inventory system. On July 1, Flint purchased $ 57,000 of inventory, terms 2/10,n/30, f.o.b.shipping point.

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Flint Corporation, a private company following ASPE, uses a periodic inventory system. On July 1, Flint purchased $ 57,000 of inventory, terms 2/10,n/30, f.o.b.shipping point. Flint paid freight costs of $ 1,300. On July 3, Flint returned damaged goods and received a credit of $ 5,700. On July 10, Flint paid for the goods. Prepare all necessary journal entries for Flint. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (To record purchase on account) (To record freight on purchase)

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