Answer and Explanation:
The journal entries are shown below:
On Jun 1
Merchandise Inventory $2,160
To accounts payable $2,160
(Being the purchased books on account is recorded)
On Jun 3
Accounts receivable $1,000
To sales revenue $1,000
(Being the credit sales is recorded)
Cost of goods sold $800
To Merchandise Inventory $800
(Being the cost of merchandise sold is recorded)
On Jun 6
Accounts payable $60
To Merchandise Inventory $60
(Being books returned is recorded)
On Jun 9
Accounts payable $2,100 ($2,160 - $60)
To Merchandise Inventory ($2,100 × 2%) $42
To cash $2,058
(Being payment fully paid at discount)
On Jun 15
Cash $1,000
To accounts receivable $1,000
(Being received payment is recorded)
On Jun 17
Accounts receivable $1,700
To sales revenue $1,700
(Being the credit sales is recorded )
Cost of goods sold $950
To Merchandise Inventory $950
(Being the cost of merchandise sold is recorded)
On Jun 20
Merchandise Inventory $900
To accounts payable $900
(Being the purchases made on account is recorded)
On Jun 24
Cash $1,666
Sales Discounts ($1,700 × 2%) $34
To Accounts receivable $1,700
(Being the payment received fully at discount is recorded)
On Jun 26
Accounts payable $900
To Merchandise Inventory ($900 × 3%) $27
To cash $873
(Being the payment is recorded)
On Jun 28
Accounts receivable $1,950
To sales revenue $1,950
(Being the credit sales is recorded)
Cost of goods sold $980
To Merchandise Inventory $980
(Being the cost of merchandise sold is recorded)
On Jun 30
Sales returns and allowances $140
To accounts receivable $ 140
(Being the sales returns is recorded)
Merchandise Inventory $50
To cost of goods sold $50
(Being the cost of merchandise returned is recorded)
