On June 10, Meredith Company purchased $8,000 of merchandise from Leinert Company, FOB shipping point, terms 2/10,
Question:
11. Damaged goods totaling $300 are returned to Leinert for credit on June 12.The scrap value of these goods is $150. On June 19, Meredith pays Leinert Company in full, less the purchase discount.
Both companies use a perpetual inventory system.
Instructions
(a) Prepare separate entries for each transaction on the books of Meredith Company.
(b) Prepare separate entries for each transaction for Leinert Company. The merchandise purchased by Meredith on June 10 had cost Leinert $5,000.
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a June 10 Merchandise Inventory 8000 Accounts Payable 8000 11 ...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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