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Prepare separate entries for each transaction on the books

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Question - On June 10, Tuzun Company purchased $8,850 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $480 on June 11. Damaged goods totaling $400 are returned to Epps for credit on June 12. The fair value of these goods is $230. On June 19, Tuzun pays Epps 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 Tuzun Company.

(b) The parts of this question must be completed in order. This part will be available when you complete the part above.

Reference no: EM132077988

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