Try another version of this question Journalize the following transactions for Acme Corporation: July 1 Acme Corporation sold $125,200 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 $74,700. July 3 Acme Corporation paid $270 shipping charges to benefit W.E. Coyote Co., charges were added to the bill. July 6 W.E. Coyote Co. returns $20,300 of damaged merchandise. The cost of merchandise returned was $12,000. July 11 W.E. Coyote Co. paid the amount owed, less return and discount. Date Description Debit Credit July 1 July 1 July 1 July 1 July 3 July 3 July 6 July 6 July 6 July 6 July 11 July 11 July 11 Date Description Debit Credit July 1 A/R-Coyote Co. 125,200 July 1 Sales Revenue 125,200 July 1 COGS 74,700 July 1 Merchandise Inventory 74,700 July 3 A/R-Coyote Co. 270 July 3 Cash 270 July 6 Sales Return & Allowance 20,300 July 6 A/R-Coyote Co. 20,300 July 6 Merchandise Inventory 12,000 July 6 COGS 12,000 July 11 Cash 103,072 July 11 Sales Discount 2,098 July 11 A/R-Coyote Co. 105,170