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Jun. 3 Purchased inventory on account with credit terms of 1/10,n/EOM,$1,600. Jun. 9 Retumed 40%...

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Accounting

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Jun. 3 Purchased inventory on account with credit terms of 1/10,n/EOM,$1,600. Jun. 9 Retumed 40% of the inventory purchased on June 3 . It was defective. Jun. 12 Sold goods for cash, $920 (cost, $550 ). Jun. 15 Purchased goods for $5,000 on account. Credit terms were 3/15,n/30. Jun. 16 Paid a $260 freight bill on goods purchased. Jun. 17 Sold inventory for $4,000 cash (cost, $2,360 ). Jun. 18 Sold inventory for $2,000 on account with credit terms of 2/10,n/30(cost,$1,180). Jun. 22 Received returned goods from the customer of the June 17 sale, $800 (cost, $480). Jun. 24 Paid supplier for goods purchased on June 15. Jun. 28 Received cash in full settlement of the account from the customer who purchased inventory on June 18. Jun. 29 Paid the amount owed on account from the purchase of June 3. Jun. 30 The company estimated that $400 of merchandise sold will be retumed with a cost of $240

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