On June 10, Taylor Company sold $8,000 of merchandise to Diaz Company, FOB shipping point, terms 2/10,

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On June 10, Taylor Company sold $8,000 of merchandise to Diaz Company, FOB shipping point, terms 2/10, n/30. The merchandise purchased by Diaz on June 10 cost Taylor $4,800. Diaz pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Taylor for credit on June 12.
The fair value of these goods is $70. On June 19, Diaz pays Taylor Company in full, less the purchase discount.

Instructions
Prepare separate entries for each transaction for Taylor Company for June 12 and June 19. Omit explanations.

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College Accounting

ISBN: 1986

1st Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell

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Question Posted: Dec 30, 2019 05:44 AM

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On June 10, Taylor Company sold $8,000 of merchandise to Diaz Company, FOB shipping point, terms 2/10,

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June 12 Sales Returns and Allowances 300 Accounts Receivable 300 Inventory 70 Cost of Goods Sold 70 ...View the full answer

College Accounting

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