On June 10, Swifty Corporation purchased $7,950 of merchandise on account from Swifty Company, FOB shipping point, terms 2/10, 1/30. Swifty Corporation pays the freight costs of $440 on June 11. Damaged goods totaling $350 are returned to Swifty for credit on June 12. The fair value of these goods is $80. On June 19, Swifty Corporation pays Swifty Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your answer is correct. Prepare separate entries for each transaction on the books of Swifty 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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 10 Inventory 7950 Accounts Payable June 11 V Inventory 440 amounts. Record journal entries in the Debit Credit Date Account Titles and Explanation 7950 une 10 Inventory 7950 Accounts Payable 440 une 11 Inventory 440 Cash une 12 V Accounts Payable 350 Inventory 350 une 19 Accounts Payable 7600 Cash 7448 Inventory 152 Prepare separate entries for each transaction for Swifty Company. The merchandise purchased by Swifty Corporation on June 10 had cost Swifty $5,000. (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 June 10 June 11 June 12 June 19 (To record credit sale) > (To record cost of merchandise sold) (To record merchandise returned) (To record merchandise returned) (To record cost of merchandise returned) June 19