On June 1, 2016, merchandise subject to terms 2/10,n/30 was sold on account to a customer for 526,500. On June 3, the seller issued a credit memorandum for $5,800, accepting merchandise returned by the customer. This was prior to payment by the customer. Part C1 What is the amount of cash collected by the seller if the payment is made by the customer on June 8, 2016? On June 1, 2016, merchandise subject to terms 2/10,n/30 was sold on account to a customer for $26,500. On June 3, the seller issued a credit memorandum for $5,800, accepting merchandise returned by the customer. This was prior to payment by the customer. Part 2 What is the amount of cash collected by the seller if payment is made by the customer on June 21, 2016? Part C3 Below are listed several transactions of Phelps Company during 2016. 1. Provided services to customers for cash, $70,500 2. Purchased land by paying cash, $32,500 3. Paid rent for 6 months, $ 24,500 4. Acquired cash of $50,500 by issuing common stock 5. Purchased office supplies on account, $5,900 6. Receive payment of $6,500 from a customer for services that will be provided over the next six months. Required: a) Prepare journal entries for each of the preceding transactions, using the general journal format shown below: Event # Account Title Debit Credit