On June 10, Tamarisk, Inc. purchased $ 6,350 of merchandise on account from culver Company, FOB shipping point, terms 1/10, n/30. Tamarisk, Inc. pays the freight costs of $ 500 on June 11. Damaged goods totaling $ 350 are returned to culver for credit on June 12. The fair value of these goods is $ 70. On June 19, Tamarisk, Inc. pays Culver Company in full, less the purchase discount. Both companies use a perpetual inventory system.

Part 1: Prepare separate entries for each transaction on the books of Tamarisk, Inc.

Part 2: Prepare separate entries for each transaction for Culver Company. The merchandise purchased by Tamarisk, Inc. on June 10 had cost Culver $ 4,700

Answer rating: 100% (QA)

Answer 1 Date June 10 June 11 June 12 June 19 Answer ... View the full answer