On June 10, Larkspur Company purchased $8,300 of merchandise from Crane Company, on account, terms 4/10, n/30. Larkspur pays the freight costs of $440 on June 11. Goods totaling $700 are returned to Crane for credit on June 12. On June 19, Larkspur Company pays Crane Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your Answer Correct Answer Your answer is correct. Prepare separate entries for each transaction on the books of Larkspur Company. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Datel Account Titles and Explanation June 10 Inventory Accounts Payable Debit 8300 Credit 8300 Accounts Payable 440 June 11 Inventory Cash June 12 Accounts Payable 700 Inventory June 19 Accounts Payable 7600 Inventory Cash 8300 440 700 304 7296 (b) Prepare separate entries for each transaction for Crane Company. The merchandise purchased by Larkspur on June 10 cost Crane $3,590, and the goods returned cost Crane $240. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date June 10 Account Titles and Explanation (To record credit sale) (To record cost of goods sold) Debit Credit (To record credit for receipt of goods returned) (To record cost of goods returned)