On June 10, Concord Corporation purchased $9,050 of merchandise on account from Sarasota Company, FOB shipping point, terms 3/10, n/30. Concord Corporation pays the freight costs of $510 on June 11. Goods totaling $750 are returned to Sarasota for credit on June 12. 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 for Sarasota Company. The merchandise purchased by Concord Corporation on June 10 cost Sarasota $4,900, and the goods returned cost Sarasota $261. (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 0 for the amounts. Record journal entries in the order presented in the problem.)

Prepare separate entries for each transaction for Sarasota Company. The merchandise purchased by Concord Corporation on June 10 cost Sarasota $4.900, and the goods returned cost Sarasota $261. (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 for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date June 10 9050 9 Account Titles and Explanation Inventory Accounts Payable (To record credit sale) Cost of Goods Sold Inventory (To record cost of merchandise sold) Sales Returns and Allowances June 10 June 11 > 750 Accounts Receivable June 11