On June 10, Concord Corporation purchased $8,050 of merchandise on account from Sarasota Company, FOB shipping point, terms 1/10, n/30. Concord Corporation pays the freight costs of $510 on June 11. Damaged goods totaling $450 are returned to Sarasota for credit on June 12. The fair value of these goods is $80. On June 19, Concord Corporation pays Sarasota Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Concord Corporation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 10 Inventory 8050 Accounts Payable 8050 510 June 11 Inventory Cash 510 450 June 12V Accounts Payable Inventory 450 lune 19 Accounts Payable 7600 Cash 7524 Inventory 76 Prepare separate entries for each transaction for Sarasota Company. The merchandise purchased by Concord Corporation on June 10 had cost Sarasota $4,900. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date June 10 Debit Credit 4900 4900 To record credit sale) June 117 (To record cost of merchandise sold) (To record merchandise returned) June 12 (To record cost of merchandise retumed) June 19