June 4 Black Company purchased $9,000 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $6,300. Black returned $500 worth of goods to Hayes for full credit. The goods had a cost of $350 to Hayes. Black paid the account in full.

June 4 Black Company purchased $9,000 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $6,300. Black returned $500 worth of goods to Hayes for full credit. The goods had a cost of $350 to Hayes. Black paid the account in full.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

June 4 Black Company purchased $9,000 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $6,300.

Black returned $500 worth of goods to Hayes for full credit. The goods had a cost of $350 to Hayes.
Black paid the account in full.

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