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Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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On June 10, Shamrock Company purchased $6,500 of merchandise from Pharoah Company, on account, terms 2/10, n/30. Shamrock pays the freight costs of $410 on June 11. Goods totaling $800 are returned to Pharoah for credit on June 12. On June 19, Shamrock Company pays Pharoah 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 Shamrock Company. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Transcribed Image Text:On June 10, Shamrock Company purchased $6,500 of merchandise from Pharoah Company, on account, terms 2/10, n/30. Shamrock pays the freight costs of $410 on June 11. Goods totaling $800 are returned to Pharoah for credit on June 12. On June 19, Shamrock Company pays Pharoah 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 Shamrock Company. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
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