June 4 12 12 Sandhill Company purchased $8,100 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $7,000. Sandhill returned $550 worth of goods to Hayes for full credit. The goods had a cost of $400 to Hayes. Sandhill paid the account in full. Assume use of the perpetual inventory system for both companies. Prepare the journal entries to record these transactions in Sandhill's books. (Credit account titles are automatically indented when the amount is entered. Do not indent entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit June 4 A Accounts Receivable 8100 Sales Revenue 8100 June 12 A Sales Returns and Allowances 550 Accounts Receivable 550 (To record return of goods) June 12 Cash (To record payment) Prepare the journal entries to record these transactions in Hayes' books. (Credit account titles are automatically indented when the 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 granted for returned goods) (To record cost of goods returned) (To record cash received on account)