Business, 13.03.2020 16:59, ayoismeisalex

Information related to Blue Co. is presented below.

1. On April 5, purchased merchandise on account from Teal Mountain Company for $44,800, terms 4/10, net/30, FOB shipping point.
2. On April 6, paid freight costs of $830 on merchandise purchased from Teal Mountain.
3. On April 7, purchased equipment on account for $42,500.
4. On April 8, returned damaged merchandise to Teal Mountain Company and was granted a $4,600 credit for returned merchandise.
5.
On April 15, paid the amount due to Teal Mountain Company in full.

Prepare the journal entries to record these transactions on the books of Blue Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answers: 3

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Information related to Blue Co. is presented below.

1. On April 5, purchased merchandise...