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E18-7(S merchandise having a sales price of point. An invoice totaling the Olympic Transport Service for the freight cost. Upon receipt of the goods, June 5, Mount notified Hunt Company that merchandise costing On June 3, Hunt Company sold to Ann Mount terms n/30, was received by Mount on June 8 from $8,000 with terms of 2/10, n/60, f.o.b. shipping $120 600 contained flaws that rendered it worthless same day, Hunt Company issued a credit memo covering the worthless merchandise and asked returned merchandise was $24 that it be returned at company expense. The freight on the paid by Hunt Company on June 7. On June 12, the company received a check for the balance due from Mount Instructions (a)(1) Prepare journal entries on Hunt Company books to record all the events noted above under the sales and receivables are entered at gross selling price concept. Jun 3 unt Title unt Title Jun 5 nt Title Amount Jun 7 Amount unt Title Account Title Account Title Account Title Jun 12 Amount Amount (a)(2) Prepare journal entries on Hunt Company books to record all the events noted above under the sales and receivables are entered net of cash discounts concept nt Title Account Title Jun 3 Account Title Account Title Jun 5 Amount Account Title nt Title Jun 7 Amount Account Title Account Title Jun 12 (b) Prepare the journal entry under basis 2, assuming that Ann Mount did not remit payment until August 5 Aug 5 Amount Amount Amount Account Title