IV$-$ Journal Entries of Merchandising Business $(12$ Points$)$

Prepare journal entries for the following transactions that occurred during June, $2023$ assuming the company is using Periodic Inventory system

Jun $1-$ Purchased merchandise on account costing $$800,$ payment terms $\frac{2}{10},$ n$/30,$ FOB shipping point.

Jun $2-$ Paid transportation expense $$100$ for the purchase of June $1$

Jun $5-$ Returned merchandise costing $$250$ because it is defective from purchase of Jun $1$

Jun $10-$ Issued a cheque to pay the supplier net of the returned goods and a discount if there is given to the company.

Jun $12-$ Sold merchandise at a price of $$600($Costs the company $$300)$ to a customer, payment terms $\frac{1}{5},\frac{n}{30},$ FOB Shipping point.

Jun $14-$ Returned goods worth of $$200($Costs the company $$100)$ from a sale of Jun $12$

June $15-$ Collected the amount owing from the customer of Jun $12$ net of the return and any applicable discount.