Question: The following selected transactions were completed during June between Shapiro Company and Bacarti Company: June 8. Shapiro Company sold merchandise on account to Bacarti Company,

The following selected transactions were completed during June between Shapiro Company and Bacarti Company:

June 8. Shapiro Company sold merchandise on account to Bacarti Company, $24,000, terms FOB destination, 1/15, n/eom. The cost of the merchandise sold was $17,000.

8. Shapiro Company paid transportation costs of $500 for delivery of merchandise sold to Bacarti Company on June 8.

12. Bacarti Company returned $6,000 of merchandise purchased on account on June 8 from Shapiro Company. The cost of the merchandise returned was $4,000.

23. Bacarti Company paid Shapiro Company for purchase of June 8, less discount and less return of June 12.

24. Shapiro Company sold merchandise on account to Bacarti Company, $15,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $9,000.

26. Bacarti Company paid transportation charges of $400 on June 24 purchase from Shapiro Company.

30. Bacarti Company paid Shapiro Company on account for purchase of June 24.

Instructions

Illustrate the effects of each of the preceding transactions on the accounts and financial statements of

(1) Shapiro Company

(2) Bacarti Company. Identify each transaction by date.

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