On June 10, Marigold Company purchased $8,150 of merchandise on account from Grouper Company, FOB shipping point. terms 3/10/30. Marigold pays the freight costs of $420 on June 11. Goods totaling $650 are returned to Grouper for credit on June 12. On June 19, Marigold pays Grouper Company in full, less the discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Grouper Company. The merchandise purchased by Marigold on June 10 cost Grouper $4,700, and the goods returned cost Grouper $265. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry": amounts. Record journal entries in the order presented in the problem.) the account titles and enter O for the Account Titles and Explanation Daje # (To record credit sale) (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise returned) Debit Credit

On June 10, Marigold Company purchased $8,150 of merchandise on account from Grouper Company, FOB shipping point. terms 3/10/30. Marigold pays the freight costs of $420 on June 11. Goods totaling $650 are returned to Grouper for credit on June 12. On June 19, Marigold pays Grouper Company in full, less the discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Grouper Company. The merchandise purchased by Marigold on June 10 cost Grouper $4,700, and the goods returned cost Grouper $265. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry": amounts. Record journal entries in the order presented in the problem.) the account titles and enter O for the Account Titles and Explanation Daje # (To record credit sale) (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise returned) Debit Credit

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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