Suppose King Cornelius Company engaged in the following transactions during June of the current year: Date 3-Jun 9-Jun 12-Jun 15-Jun 16-Jun 18 Jun Description Sold goods to Lyle Company on account with credit terms 2/10,n/30, $1,250 (cost $585). Purchased inventory on account with credit terms of 1/10,n30, $2,500. Returned $1,000 of the defective inventory purchased on June 3 Purchased goods for $6,200 on account Credit terms were 3/15, 1/30. Paid a $180 freight bill on goods purchased. Sold inventory for $3,200 on account with credit terms of 2/10, 1/30 (cost, $1,600). Received returned goods from the customer of the June 18 sale, $600 (Cost $275). Paid supplier for goods purchased on June 15. Received cash in full settlement of the account from the customer who purchased inventory on June 18. Paid remaining accounts payable Purchased $4,800 in inventory Agreed to take a $1,250,4%, 90-day note from Lyle Company in exchange for 22-Jun 24.Jun 28-Jun 3-Jul 10-Jul 12-Jul account: hing Excel Template Requirements 1. Journalize the preceding transactions. Assume King Comelius uses a perpetual inventory system 2. Set up T-accounts and post the journal entires to show the ending balances in the Merchandise Inventory and the Cost of Goods Sold accounts only