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Prepare separate entries for each transaction for Concord

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Question - On June 10, Sheridan Company purchased $10,000 of merchandise on account from Concord Company, FOB shipping point, terms 2/10, n/30. Sheridan pays the freight costs of $500 on June 11. Damaged goods totaling $300 are returned to Concord for credit on June 12. The fair value of these goods is $75. On June 19, Sheridan pays Concord Company in full, less the purchase discount. Both companies use a perpetual inventory system.

Required -

Prepare separate entries for each transaction on the books of Sheridan Company.

Prepare separate entries for each transaction for Concord Company. The merchandise purchased by Sheridan on June 10 had cost Concord $4,700.

Reference no: EM132653420

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