On june 10 meredith company purchased 8600 of merchandise, Ask an Expert

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On June 10, Meredith Company purchased $8,600 of merchandise from Leinert Company FOB shipping point, terms 2/10, n/30. Meredith pays the freight costs of $409 on June 11. Damaged goods totaling $200 are returned to Leinert for credit on June 12. The scrap value of these goods is $102. On June 19, Meredith pays Leinert Company in full, less the purchase discount. Both companies use a perpetual inventory system.

(a) Prepare separate entries for each transaction on the books of Meredith Company. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.)

(b) Prepare separate entries for each transaction for Leinert Company. The merchandise purchased by Meredith on June 10 had cost Leinert $5,046. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91723622

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