ded Carnegie Corp. commissions, produces, and sells books through faith-based nonprofit organizations. The books are sold on the basis that a maximum of 50% of the quantity purchased can be returned within six months. The contract with the customer outlines the amount of consideration and the return policy and that payment is due within 30 days of the end of the return period. Carnegie has a good historical record of the proportion of books returned, on average. On 1 June, Carnegie sold $86,000 worth of books. On 15 August, $8,600 were returned, and on 3 October, an additional $17,200 were returned. The payment for the balance owing was received on 20 December. The cost of the books is 55% of the selling price. All of the returns are put back into inventory and can be resold. Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare the appropriate journal entries that are required for the described transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 2 3 4 5 6 7 8 9 Date 1 June 1 June 15 August 15 August 3 October 3 October December 01 December 01 December 20 Accounts receivable Revenue Refund Liability Cost of goods sold Right to recovery asset Inventory Refund Liability Accounts receivable Inventory Right to recovery asset Refund Liability Accounts receivable Inventory Right to recovery asset Refund Liability Revenue Cost of goods sold Right to recovery asset Cash General Journal Accounts receivable ✓ ✓ 333 ✓ ✔ → ✓ ✓ ›› >> ♡ Debit 86,000✔ 23,650 23,650 17,200 X 9,460 X 17,200✔ 9,460✔ 8,600 X 4,730 X 51,600 X Credit 43,000 43,000✔ 47,300 17,200 9,460 X 17,200 9,460✔ 8,600 4,730 X 51,600 X