On June 10, Sheffield Corp. purchased $ 7,700 of merchandise on account from Concord Company, FOB shipping point, terms 1/10, n/30. Sheffield pays the freight costs of $ 600 on June 11. Damaged goods totaling $ 400 are returned to Concord for credit on June 12. The fair value of these goods is $ 75. On June 19, Sheffield pays Concord Company in full, less the purchase discount. Both companies use a perpetual inventory system.

Prepare separate entries for each transaction for Concord Company. The merchandise purchased by Sheffield on June 10 had cost Concord $ 5,100. (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.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) (To record merchandise returned)