Exercise 18-19 On June 3, 2017, Martinez Company sold to AnnMount merchandise having a sales price of $8,700 (cost $6,090) withterms of n/60, f.o.b. shipping point. Martinez estimates thatmerchandise with a sales value of $870 will be returned. An invoicetotaling $110 was received by Mount on June 8 from OlympicTransport Service for the freight cost. Upon receipt of the goods,on June 8, Mount returned to Martinez $300 of merchandisecontaining flaws. Martinez estimates the returned items areexpected to be resold at a profit. The freight on the returnedmerchandise was $23, paid by Martinez on June 8. On July 16, thecompany received a check for the balance due from Mount. Preparejournal entries for Martinez Company to record all the events inJune and July. (Credit account titles are automatically indentedwhen amount is entered. Do not indent manually. If no entry isrequired, select "No entry" for the account titles and enter 0 forthe amounts.) Date Account Titles and Explanation Debit Credit (Torecord sales) (To record cost of goods sold) (To record salesreturns) (To record cost of goods returned) (To record the freightcost) Click if you would like to Show Work for this question: OpenShow Work
