On June 24, 2000, Mowen Company sold merchandise to Jack Simpson for $\$ 80,000$ with terms $2 / 10, \mathbf{n} / 30$. On June 30 , Simpson paid $\$ 39,200$, receiving the cash discount on his payment, and returned $\$ 16,000$ of merchandise, claiming that it did not meet contract terms Assuming that Mowen Company uses the periodic inventory method, record the necessary journal entries on June 24 and June 30.