On June 7, Carpenter Merchants Company purchased merchandise from Cecil Company as follows - Purchase Price: $7500, Sales Tax: 7%, Sales Terms: 2/10, n/30. On June 7, Carpenter Merchants Company will (blank)
Merchandise Inventory in the amount of . (blank)On June 9, Carpenter Merchants Company returned merchandise from the June 7 sale and recorded a debit memorandum as follows - Debit Memo: No. 1, Purchase Price of returned merchandise: $600. On June 11, Carpenter Merchants Company paid Cecil Company in full for the June 7 sale. On June 11, Carpenter Merchants Company will (blank) Accounts Payable in the amount of ,(blank) and will (blank)Cash in the amount of . (blank) (Numeric answers must be stated using 2 decimal places!)
Answer:
On June 7, Carpenter Merchants Company purchased merchandise from Cecil Company as follows - Purchase Price:...
On June 10, Tamarisk, Inc. purchased $7,350 of merchandise on account from Culver Company, FOB shipping point, terms 3/10, n/30. Tamarisk, Inc. pays the freight costs of $500 on June 11. Goods totaling $650 are returned to Culver for credit on June 12. On June 19. Tamarisk, Inc. pays Culver Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Culver Company. The merchandise purchased by Tamarisk, Inc. on...
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On June 10, Crane Company purchased $10,000 of merchandise on account from Blue Company, FOB shipping point, terms 2/10, n/30. Crane pays the freight costs of $610 on June 11. Damaged goods totaling $350 are returned to Blue for credit on June 12. The fair value of these goods is $75. On June 19, Crane pays Blue Company in full, less the purchase discount. Both companies use a perpetual inventory system. Exercise 5-04 a-b (Part Level Submission) (Video) On June...
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