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On June 10, Meredith Company purchased $8,660 of merchandise from Leinert Company FOB shipping point, terms 2/10, n/30. Meredith pays the freight costs of $430 on June 11. Damaged goods totaling $370 are returned to Leinert for credit on June 12. The scrap value of these goods is $198. 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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M969775

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