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Prepare entries for each transaction for EMU Company

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Question - On June 10, METU Company purchased $10,000 of merchandise from EMU Company, FOB shipping point, terms 2/10, n/30. METU pays the freight costs of $600 on June 11. Damaged goods totaling $700 are returned to EMU for credit on June 12. The fair value of these goods is $300. On June 19, METU pays EMU in full, less the purchase discount. Both companies use a perpetual inventory system.

Instructions -

(a) Prepare separate entries for each transaction on the books of METU Company.

(b) Prepare separate entries for each transaction for EMU Company. The merchandise purchased by METU on June 10 had cost EMU $6,400.

Reference no: EM132570151

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