Try another version of this question Journalize the following transactions for Acme Corporation: June 1 Acme Corporation sold $130,000 of merchandise on account to W.E. Coyote Co. with credit terms of 2/10, n/30, FOB Shipping Point. Cost of merchandise sold was $72,300. June 2 Acme Corporation paid $130 shipping charges to benefit W.E. Coyote Co., charges were added to the bill. June 5 W.E. Coyote Co. returns $23,400 of damaged merchandise. The cost of merchandise returned was $11,100. June 11 W.E. Coyote Co. paid the amount owed, less return and discount. Date Description Debit Credit June 1 June 1 June 1 June 1 June 2 June 2 June 5 June 5 June 5 June 5 June 11 June 11 June 11 Date Description Debit Credit June 1 A/R-Coyote Co. 130,000 June 1 Sales Revenue 130,000 June 1 COGS 72,300 June 1 Merchandise Inventory 72,300 June 2 A/R-Coyote Co. 130 June 2 Cash 130 June 5 Sales Return & Allowance 23,400 June 5 A/R-Coyote Co. 23,400 June 5 Merchandise Inventory 11,100 June 5 COGS 11,100 June 11 Cash 104,598 June 11 Sales Discount 2,132 June 11 A/R-Coyote Co. 106,730