Question: Prepare the necessary journal entries (include journal entry descriptions) for the selected transactions of Mint Company whose fiscal year end is December 31st. Date Transaction

Prepare the necessary journal entries (include journal entry descriptions) for the selected transactions of Mint Company whose fiscal year end is December 31st.

Date Transaction Description

6/12/20Y3 Purchased inventory on account, $8,000, terms FOB destination, 3/15, n/45.

6/15/20Y3 Returned damaged inventory from June 12th purchase, $500.

7/15/20Y3 Paid for the purchase on June 12th less the return on June 15th.

8/4/20Y3 Sold inventory, $5,000, terms FOB shipping point. The cost of the inventory sold was $2,000.

8/9/20Y3 Issued customer a refund of $300 for unwanted inventory related to the August 4th sale.

The cost of the merchandise return was $100.

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