On July 14, 2018, Jackie's Bakery, Inc., sold $4,200 of inventory (cost is $1,300) on account to one of its customers. The terms were 3/10, n/30, FOB destination. On July 16, Jackie's Bakery, Inc., paid freight charges of $215 related to the delivery of the goods sold on July 14. On July 20, $600 of goods (cost is $370) were returned by the customer. On July 23, Jackie's Bakery, Inc., received payment in full from the customer. Read the requirement. Start by journalizing the revenue from the July 14 sale of inventory. (Record debits first, then credits. Exclude explanations from any journal entries. Do not yet record the cost related to the sale. We will do this in the next journal entry.) Journal Entry Requirement Date Accounts Debit Credit Jul 14 1. Journalize all necessary transactions for Jackie's Bakery, Inc., assuming the "net" method is used. No explanations are required. Print Journalize Jackie's Bakery's cost of goods sold on July 14. Done Journal Entry Date Accounts Debit Credit Jul 14 Journalize the freight charges paid on July 16. Journal Entry Date Accounts Debit Credit Jul 16 Journalize the freight charges paid on July 16. Journal Entry Date Accounts Debit Credit Jul 16 Next, journalize the return of of the damaged goods on July 20, 2018. Start by recording the adjustment to the amount due from the customer. (Do not record the inventory adjustment related to the return. We will do this in the next journal entry.) Journal Entry Date Accounts Debit Credit Jul 20 Now adjust the inventory account for the return on July 20, 2018. Journal Entry Accounts Date Debit Credit Jul 4 Journalize the payment in full on July 23 Journal Entry Date Accounts Debit Credit Jul 23