On June 10, Taylor Company sold $8,000 of merchandise to Diaz Company, FOB destination, terms 2/10, n/30.
Question:
On June 10, Taylor Company sold $8,000 of merchandise to Diaz Company, FOB destination, terms 2/10, n/30. The merchandise purchased by Diaz on June 10 cost Taylor $4,800. Taylor pays the freight costs of $400 on June 11. Both companies use a perpetual inventory system.
Instructions
Prepare separate entries for each transaction for Taylor Company for June 10 and June 11. Omit explanations.
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June 10 Accounts Receivable 8000 Sales Revenue 8000 Cos...View the full answer
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Mehwish Aziz
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Related Book For 
College Accounting
ISBN: 1986
1st Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell
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