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Prepare separate entries for each transaction for Pina Colada Company. The merchandise purchased by Pronghorn on June 10 cost Pina Colada $5,000, and the goods

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Prepare separate entries for each transaction for Pina Colada Company. The merchandise purchased by Pronghorn on June 10 cost Pina Colada $5,000, and the goods returned cost Pina Colada $253. (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 cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise returned) On June 10, Pronghorn Company purchased $7,650 of merchandise on account from Pina Colada Company, FOB shipping point, terms 2/10,n/30. Pronghorn pays the freight costs of $580 on June 11. Goods totaling $650 are returned to Pina Colada for credit on June 12. On June 19. Pronghorn pays Pina Colada Company in full, less the discount. Both companies use a perpetual inventory system

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