Question: formula for term would be extremely helpful. Thank you. On June 10, Sandhill Company sold $10,000 of merchandise to Blue Company, FOB destination, terms 2/10,

formula for term would be extremely helpful. Thank you.

On June 10, Sandhill Company sold $10,000 of merchandise to Blue Company, FOB destination, terms 2/10, n/30. The merchandise purchased by Blue on June 10 cost Sandhill $4,800. Sandhill pays the freight costs of $420 on June 11. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Sandhill Company for June 10 and June 11. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 10 10000 10000 (To record credit sale) 420 420 (To record cost of merchandise sold)

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