E5-4 On June 10, Meredith Company purchased $8,000 of merchandise from Leinert Company, FOB shipping point, terms

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E5-4 On June 10, Meredith Company purchased $8,000 of merchandise from Leinert Company, FOB shipping point, terms 2/10, n/30. Meredith pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Leinert for credit on June 12. The scrap value of these goods is $150. On June 19, Meredith pays Leinert Company in full, less the purchase disĀ¬

count. Both companies use a perpetual inventory system.

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Financial Accounting

ISBN: 9780470128848

6th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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