On June 10, Paid Company purchased $9,000 of merchandise from McGiver Company, terms 3/10, n/30. Paid Company pays the freight costs of $400 on June 11. Goods totalling $600 are returned to McGiver company for credit on June 12. One june 19, Paid Company pays McGiver Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Required:
1. Prepare separate entries for each transaction on the books of Paid Company.
2. Prepare separate entries for each transaction for McGiver Company. The merchandise purchased by Pais Company on June 10 cost McGiver Company? $5,000, and the goods returned ost McGiver Company $310.
Answers: 3
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On June 10, Paid Company purchased $9,000 of merchandise from McGiver Company, terms 3/10, n/30. Pai...
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