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, post the transactions, and calculate the balances for each account

At the beginning of June 2024, Pins Colada Distr buting Compary/s ledser stowed Cash 517,000 , Merchandise inventory 54,200 , and D. Pina Colada. Capital \$21, Goo. During the month of Jurie, the company had the following selected transactions: June 1 Purchased $8800 of inerchandece inventery from Sun 5upply Co- terms 1/15, r/30, fOB destination. 2 The correct company pald $220 eash for freight charger on the June I purchase. 5 Sold merchandiseirwentery to Moose Jaw Refailers for $12.000. The cost of the enerchandise was 57,700 and the terms were 2/10,n/30, Fos desthation. 6 Issued a $800 credit for merchandise returned by Moose Jaw fetallers. The merchandise originally cost $513 and was returned to imventory. 6 The correct conpany paid $290 treight on the June 5 stile: 7 Purchased $780 of supplies for cash. 10 Purchased $4,750 of merchandiseinventory from Fry Wholesters, terms 2/10, n/30. FOB shipping point. 10 The correct coenpary poid $120 freight costs on the purchase from Fey Wholetalers. 12 flecelved a $250 credit from Fey Wholesalers for returned merchandise: 14 Paid sun Supply Co the amount due. 15 Collected the balance owing from Moose daw Retailers. 19 Sold merchandise for $7,500cmh. The cost of this merchandive was $4,500. 20 Pald Fey Wholesalers the balance owing from the June 10 purchase 25 Made 2530 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $318. The merchandise was damsged and could not be resold. 30 Sold merchandise to Bxuer Company for $4,500, terms n33. FOB shippling point, Pina Colada's cost for thls merchandise was $2.000 Set up general ledger accounts for Merchandise Inventory, Sales, Sales Returns and Allowances, Sales Discounts, and Cost Question 1 of 2 Sales Sales Returns and Allowances Date Explanation Ref. Debit Credit Balance June 6 11 25 J1 Sales Discounts Date Explanation Ref. Debit Balance June 15 IIIIIIII Set up general ledger accoonts tor Merchandise inventory. Sales. 5ales Returns and Allowances, Sales Discounts, and Cost of Goods Sold. Enter the begirnine Merchandise leventory balance, post the transactions, and calculate the balances for each account. (Post entries in the ovder of joumal entries presented in the previous part.) Question 1 of 2 Sales Discounts Date Explanation Ref. Debit Credit Balance June 15 J1 eTextbook and Media