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Prepare separate entries for each transaction for Martinez

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Question - On June 10, Carle Vista Company purchased $8,500 of merchandise on account from Martinez Company, FOB shipping point, terms 2/10, n/30. Carle Vista pays the freight costs of $490 on June 11. Damaged goods totaling $400 are returned to Martinez for credit on June 12. The fair value of these goods is $80. On June 19, Carla Vista pays Martinez Company in full, less the purchase discount. Both companies use a perpetual inventory system.

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

(b) Prepare separate entries for each transaction for Martinez Company. The merchandise purchased by Carle Vista on June 10 had cost Martinez $5,400.

Reference no: EM133054261

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