Joumalize the transactions Assume Cold As Ice uses a perpetual Inventory system The company estlimates sales returns at the ond of each month Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise-Recelved returmed goods trom the customer of the June 17 sale $1,400 (cost, $840) Accounts and Explanation Date Debit Credit More Iinlo Jun 22 Merchandise Inventory 840 Estimated Returns Inventory n3 Prchased venoy on account with caredits of 510,IVEOM. $2,700 on account with credit terms of 5/10, MEOM, $2,700 9 Returned 2 % of to inntary purchased on Jae 3ltnzideleche 12 Sold goods for cash, $910 (cost, $546) 15 Purchased goods for $7,000 on account Credit terms were 4/15,/3 6 Paid a $220 freight bill on goods purchased 17 Sold inventory for $5,000 cash (cost $4.210) 8 Sold inventory for 5$2,500 on account with credit terms of 4/10, n/30(cost, $1,500) 22 Received returned goods from She cuntomer of the June 17 sale $1,400 (cost, $840) 24 Paid supplier for goods purchased on June 15 28 Received cash in full settlement of the account from the customer who purchased inventory To record cost of inventory reltumed Jun 24 Paid supplier for goods purchased on June 15 Date Accounts and Credit Jun 24 Accounts Payable 7.000 Cash 6,720 Merchandise Inventory Paid within discount penod 29 Paid the amount owed on account from the purchase of June3 30 The company estimated that S340 of merchandse sold be rehned sith a cost of sp Jun. 28 Received cash in full settlement of the account from the customer who parchased inventory on June 18 Date Accounts and Explanation Debit Credit Print Done Jun 28 Choose trom any list or enter any number in the input fields and then click Check Answer 1 parts Clear A