On June 10, Novak Corp. purchased $9,350 of merchandise on account from Sarasota Company, FOB shipping point, terms 2/10, n/30. Novak Corp. pays the freight costs of $560 on June 11. Goods totaling $650 are returned to Sarasota for credit on June 12. On June 19, Novak Corp. pays Sarasota 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 Novak Corp.. (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 June 10 Inventory Accounts Payable June 11 Inventory June 12 Cash Accounts Payable Inventory Debit 9350 560 650 June 19 Accounts Payable 8700 Credit 9350 560 650