Question 4 of 6 - / 15 E At the beginning of June 2021, Blue Spruce Distributing Company's ledger showed Cash $19,000, Merchandise Inventory 54,100, and D. Blue Spruce, Capital $23,100. During the month of June, the company had the following selected transactions: June 1 2 5 6 6 7 10 10 12 14 15 19 20 25 Purchased $9,000 of merchandise inventory from Sun Supply Co., terms 1/15, 1/30, FOB destination, The correct company paid $210 cash for freight charges on the June 1 purchase. Sold merchandise inventory to Moose Jaw Retailers for $13,000. The cost of the merchandise was $7.500 and the terms were 2/10, 1/30, FOB destination Issued a $950 credit for merchandise returned by Moose Jaw Retailers. The merchandise originally cost $548 and was returned to inventory The correct company paid $280 freight on the June 5 sale. Purchased $810 of supplies for cash Purchased $3,750 of merchandise inventory from Fey Wholesalers, terms 2/10, 1/30, FOB shipping point. The correct company paid $120 freight costs on the purchase from Fey Wholesalers. Received a $250 credit from Fey Wholesalers for returned merchandise. Paid Sun Supply Co, the amount due. Collected the balance owing from Moose Jaw Retailers. Sold merchandise for $7.100 cash. The cost of this merchandise was $4.400 Paid Fey Wholesalers the balance owing from the June 10 purchase. Made a $540 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $335. The merchandise was damaged and could not be resold. Question 4 of 6 - / 15 30 Sold merchandise to Bauer & Company for 54,200, terms n/30, FOB shipping point. Blue Spruce's cost for this merchandise was $2,600, Record the transactions assuming Blue Spruce uses a perpetual inventory system and the earnings approach. (Credit account titles are automatically indented when the 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 Credit Debit Account Titles and Explanation (Purchase on account.) Question 4 of 6 - / 15 (To record sales on account.) (To record cost of goods sold.) To record credit for goods returned. (To record cost of goods returned) (Cash payment for freight costs.) (Cash purchase of supplies.) Purchase on account.) To record cash payment of freight.) To record purchase return.) (Payment on account.) June 15 June 15 (Collection on account.) (Cash sale.) (To record cost of goods sold.) (Payment on account.) roto arh uestion 4 of 6 - / 15 III ray LUNGULILET (To record cash refund for goods returned.) (To record sales on account.) To record cost of goods sold.) Set up general ledger accounts for Merchandise Inventory, Sales, Sales Returns and Allowances, Sales Discounts, and Cost of Goods Sold. Enter the beginning merchandise inventory balance, and post the transactions. Merchandise Inventory Debit Credit Date Explanation Ref. Balance June 1 Balance 1 31 5 J1 6 J1 10 J1 10 31 12 J1 14 11 19 FMG Question 4 of 6 > - / 15 20 J1 30 J1 Sales Date Explanation Ref. Debit Credit Balance June 5 J1 19 J1 30 J1 Sales Returns and Allowances Debit Credit Date Explanation Ref. Balance Balance June 6 J1 25 J1 Sales Discounts Debit Date Explanation Ref. Credit Balance June 15 J1 Cost of Goods Sold Debit Date Explanation Ref. Credit Balance Cost of Goods Sold Debit Date Explanation Ref. Credit Balance June 5 J1 6 J1 19 J1 30 J1 e Textbook and Media List of Accounts Prepare a partial multiple-step income statement, up to gross profit, for the month of June 2021. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg (45). Prepare a partial multiple-step income statement, up to gross profit for the month of June 2021. (Enter negative amounts using either a negative sign preceding the number eg, -45 or parentheses eg. (451) BLUE SPRUCE DISTRIBUTING COMPANY Income Statement (Partial) 5