record all of the entries required on the books for both the buyer and the seller

Financial Accounting Record all of the entries required on the books of both the buyer and the seller. Gardner Company engaged in the following transactions in June 2012, the company's first month of operations: June Stockholders invested $384,000 cash and $144,000 of merchandise inventory in the business in exchange for capital stock. 3 Merchandise was purchased on account, S192D00. terms 2/10.nl30, FOB shipping point, freight collect. 4 Paid freight on the June 3 purchase,SS.280. 7 Merchandise was purchased on account, $96,000 terms 2/10, n/30. FOB destination, freight prepaid. 10 Sold merchandise on account, $230A00: terms 2/10, n/30,FOB shipping point, freight collect. 11 Returned $28,800 of the merchandise purchased on June 3. 12 Paid the amount due on the purchase of June 3. 13 Sold merchandise on account. S240000; tems 2/10, n/30. ROB destination, freight prepaid. 14 Paid freight on sale of June 13,SI4A00. 20 Paid the amount due on the purchase of June 7. CHAPTER 6 Merchandising Transactions 251 22 Received the amount due on sale of June 13. 25 Received the amount due on sale of June 10. 29 Paid rent for the administration building for June. S19.200. 30 Paid sales salaries of S57,600 for June 30 Purchased merchandise on account, S48.000 terms 2/10, n/30. FOB destination freight prepaid. The inventory on hand on June 30 was S288,000. O Additional data